(Appendix A) Calculate inventory errors. (LO 8) Ian's Small Appliances reported cost of goods sold as follows....
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(Appendix A) Calculate inventory errors. (LO 8)
Ian's Small Appliances reported cost of goods sold as follows.
Ian's made two errors:
1. 2005 ending inventory was understated by \(\$ 5,000\).
2. 2006 ending inventory was overstated by \(\$ 2,000\).
Calculate the correct cost of goods sold for 2005 and 2006.
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