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Cullumber Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: 2024 2023 Cost of goods sold $142,800 $147,800 Ending
Cullumber Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: 2024 2023 Cost of goods sold $142,800 $147,800 Ending inventory 30,000 30,000 Cullumber made two errors: (1) 2023 ending inventory was overstated by $4,620, and (2) 2024 ending inventory was understated by $3,120. (a) Calculate the correct cost of goods sold and ending inventory for each year. Correct ending inventory Correct cost of goods sold 2024 2023
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