Lebo Hardware reported cost of goods sold as follows. Lebo made two errors: (1) 2008 ending inventory

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Lebo Hardware reported cost of goods sold as follows.

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Lebo made two errors: (1) 2008 ending inventory was overstated $3,000, and (2) 2009 ending inventory was understated $6,000.

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Compute the correct cost of goods sold for each year.

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Accounting Principles

ISBN: 9780471980193

8th Edition

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

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Question Posted: May 10, 2024 02:02 PM

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Lebo Hardware reported cost of goods sold as follows. Lebo made two errors: (1) 2008 ending inventory

Question:

2008 Beginning inventory $ 20,000 2009 $ 30,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000

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Accounting Principles

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