Hamids Hardware reported cost of goods sold as follows. Hamids made two errors: (1) 2013 ending inventory
Question:
Hamids made two errors: (1) 2013 ending inventory was overstated $3,000, and (2) 2014 ending inventory was understated $6,000.
Instructions
Compute the correct cost of goods sold for eachyear.
Transcribed Image Text:
2013 2014 20,000 30,000 150,000 175,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 170,000 30,000 205,000 35,000 $140,000 $170,000
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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