Elliott's Hardware reported cost of goods sold as follows. Elliott's made two errors: (1) 2016 ending inventory

Question:

Elliott's Hardware reported cost of goods sold as follows.

Elliottâ€™s Hardware reported cost of goods sold as follows.

Elliott's made two errors:

(1) 2016 ending inventory was overstated $3,000,

(2) 2017 ending inventory was understated $5,000.

Instructions

Compute the correct cost of goods sold for each year.

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Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Mar 02, 2015 09:36 AM

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Elliott's Hardware reported cost of goods sold as follows. Elliott's made two errors: (1) 2016 ending inventory

Question:

2016 20,000 30,000 150,000 170,000 30,000 2017 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 175,000 205,000 35,000 140,000 $170,000

Step by Step Answer:

A 30000 3000 27000 B 35000 5000 40000 Beginning ...View the full answer

Accounting Principles

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