Foyle Hardware reported cost of goods sold as follows. Foyle made two errors: 1. 2013 ending inventory

Question:

Foyle Hardware reported cost of goods sold as follows.

Foyle made two errors:
1. 2013 ending inventory was overstated by $2,000.
2. 2014 ending inventory was understated by $5,000.
Instructions
Compute the correct cost of goods sold for eachyear.

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Accounting Tools for Business Decision Making

ISBN: 978-1118128169

5th edition

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

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Question Posted: Apr 07, 2014 11:31 AM

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Foyle Hardware reported cost of goods sold as follows. Foyle made two errors: 1. 2013 ending inventory

Question:

2014 30,000 20,000 175,000 164,000 205,000 184,000 2013 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 37,000 30,000 168,000 $154,000

Step by Step Answer:

2013 2014 Beginning inventory 20000 28000 Cost of goods purc...View the full answer

Accounting Tools for Business Decision Making

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