Sheffield Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost...
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Sheffield Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Sheffield Corp. made two errors: 1. 2. 2022 $ 27,780 173,620 201,400 37,050 2021 $ 21,990 156,340 178,330 27,780 $164,350 $150,550 2021 ending inventory was overstated by $2,130. 2022 ending inventory was understated by $5,210. Compute the correct cost of goods sold for each year. Sheffield Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Sheffield Corp. made two errors: 1. 2. 2022 $ 27,780 173,620 201,400 37,050 2021 $ 21,990 156,340 178,330 27,780 $164,350 $150,550 2021 ending inventory was overstated by $2,130. 2022 ending inventory was understated by $5,210. Compute the correct cost of goods sold for each year.
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Answer rating: 100% (QA)
Correcting the 2021 Cost of Goods Sold The ending inventory for 2021 was overstated by 2130 To adjus... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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