Jacob?s Hardware reported cost of goods sold as follows. Jacob?s made two errors: (1) 2011 ending inventory

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Jacob?s Hardware reported cost of goods sold as follows.

Jacob?s made two errors: (1) 2011 ending inventory was overstated $3,000, and (2) 2012 ending inventory was understated $6,000.

InstructionsCompute the correct cost of goods sold for eachyear.

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Accounting Principles

ISBN: 978-0470534793

10th Edition

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

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Question Posted: Oct 24, 2011 08:05 AM

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Jacob?s Hardware reported cost of goods sold as follows. Jacob?s made two errors: (1) 2011 ending inventory

Question:

2011 2012 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $ 20,000 $ 30,000 175,000 205,000 35,000 150,000 170,000 30,000 $140,000 $170.000

Step by Step Answer:

2011 2012 Beginning inventory 20000 27000 Cost of goods ...View the full answer

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