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how do I solve this Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows 12 Year 1 Year 2
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Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows 12 Year 1 Year 2 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $120,000 $130,000 250,000 370,000 275,000 405,000 130,000 135,000 $240,000 $270,000 Lucia Company made two errors: t) ending inventory at the end of Year 1 was understated by $15,000 and 2) ending inventory at the end of Year 2 was overstated by $6,000 Given this information, the correct cost of goods sold figure for Year 2 would be: Mutiple Choice $291000 $276,000 $264.000 $285,000 Step by Step Solution
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