Hamid's Hardware reported cost of goods sold as follows. Hamid's made two errors: (1) 2019 ending inventory

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

Hamid's made two errors: (1) 2019 ending inventory was overstated $3,000, and (2) 2020 ending inventory was understated $6,000.

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Compute the correct cost of goods sold for each year.

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Financial and Managerial Accounting

ISBN: 978-1119392132

3rd edition

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

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Question Posted: Feb 13, 2020 08:54 AM

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Hamid's Hardware reported cost of goods sold as follows. Hamid's made two errors: (1) 2019 ending inventory

Question:

2019 2020 $ 20,000 $ 30,000 Beginning inventory 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

Step by Step Answer:

2019 2020 Beginning inventory 20000 27000 Cost of goods purch...View the full answer

Financial and Managerial Accounting

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