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Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,100, and its ending inventory on December 31 was
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,100, and its ending inventory on December 31 was understated by $16,800. In addition, a purchase of merchandise costing $20,400 was incorrectly recorded as a $2,040 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was:
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Introduction to Accounting An Integrated Approach
Authors: Penne Ainsworth, Dan Deines
6th edition
78136601, 978-0078136603
