Hamid's Hardware reported cost of goods sold as follows. Hamid's made two errors: (1) 2018 ending inventory

Question:

Hamid's Hardware reported cost of goods sold as follows.

Hamid's made two errors: (1) 2018 ending inventory was overstated $3,000, and (2) 2019 ending inventory was understated $6,000.
Instructions
Compute the correct cost of goods sold for each year.

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Financial Accounting

ISBN: 978-1119305736

10th edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Mar 29, 2017 11:44 AM

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Hamid's Hardware reported cost of goods sold as follows. Hamid's made two errors: (1) 2018 ending inventory

Question:

2018 2019 $ 20,000 30,000 175,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 150,000 170,000 30,000 205,000 35,000 $140,000 $170,000

Step by Step Answer:

2018 2019 Beginning inventory 20000 27000 Cost of goods purchas...View the full answer

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