Bienvenu Enterprises reported cost of goods sold for 2012 of $1,400,000 and retained earnings of $5,200,000 at
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Bienvenu Enterprises reported cost of goods sold for 2012 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2012. Bienvenu later discovered that its ending inventories at December 31, 2011 and 2012, were overstated by $110,000 and $35,000, respectively. Determine the corrected amount for 2012 cost of goods sold and December 31, 2012, retained earnings.
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Cost of goods sold for 2012 1285000 Dece...View the full answer
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