Brooks Hardware reported cost of goods sold as follows. Brooks made two errors:1. 2011 ending inventory was

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Brooks Hardware reported cost of goods sold as follows.

Brooks made two errors:1. 2011 ending inventory was overstated by $2,000.2. 2012 ending inventory was understated by $5,000.InstructionsCompute the correct cost of goods sold for eachyear.

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Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

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

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Question Posted: Sep 22, 2011 11:05 AM

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Brooks Hardware reported cost of goods sold as follows. Brooks made two errors:1. 2011 ending inventory was

Question:

2012 2011 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 30,000 $ 20,000 164,000 175,000 205,000 184,000 37,000 30,000 $168,000 $154,000

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Beginning inventory 20000 28000 Cost of goods purch...View the full answer

Financial Accounting Tools for business decision making

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