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Exercise 6-10 Splish Brotherss Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory $ 23,500 $ 34,500 Cost of goods purchased 154,500
Exercise 6-10
Splish Brotherss Hardware reported cost of goods sold as follows.
2019 | 2020 | |||
Beginning inventory | $ 23,500 | $ 34,500 | ||
Cost of goods purchased | 154,500 | 175,000 | ||
Cost of goods available for sale | 178,000 | 209,500 | ||
Ending inventory | 34,500 | 36,000 | ||
Cost of goods sold | $143,500 | $173,500 |
Splish Brotherss made two errors: (1) 2019 ending inventory was overstated $3,300, and (2) 2020 ending inventory was understated $6,450. Compute the correct cost of goods sold for each year.
2019 | 2020 | |||
Cost of goods sold | $ | $ |
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