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2 eBook Print Question 2 Not changed since last attempt Marked out of 2.00 P Flag question Errors in Inventory Counts The following information was
2 eBook Print Question 2 Not changed since last attempt Marked out of 2.00 P Flag question Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013 2012 $70,000 $60,000 410,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 430,000 500,000 470,000 65,000 70,000 $435,000 $400,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $10,000. 2. 2013 ending inventory was overstated by $5,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold $ 440,000 $ 390,000 Next >
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