Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1
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Question:
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:
Year 1 | Year 2 | |||||
Beginning inventory | $ | 120,000 | $ | 130,000 | ||
Cost of goods purchased | 250,000 | 275,000 | ||||
Cost of goods available for sale | 370,000 | 405,000 | ||||
Ending inventory | 130,000 | 135,000 | ||||
Cost of goods sold | $ | 240,000 | $ | 270,000 | ||
Lucia Company made two errors:
1) ending inventory at the end of Year 1 was understated by $15,000 and
2) ending inventory at the end of Year 2 was overstated by $6,000.
Given this information, calculate the correct cost of goods sold figure for Year 2 .
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