Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,600, and
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Question:
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,600, and its ending inventory on December 31 was understated by $15,900. In addition, a purchase of merchandise costing $20,300 was incorrectly recorded as a $2,030 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was:
Multiple Choice
- Understated by $32,970.
- Understated by $48,870.
- Overstated by $3,570.
- Overstated by $32,970.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date: