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There are two errors on the following Purchases Budget. 2017 January February March 1st Quarter Budgeted cost of goods sold $ 128,750 $ 131,324 $
There are two errors on the following Purchases Budget. 2017 January February March 1st Quarter Budgeted cost of goods sold $ 128,750 $ 131,324 $ 133,951 $ 394,025 Add: Desired ending inventory 26,265 26,790 26,790 79,845 Total goods needed $ 155,014 $ 158,115 $ 160,741 $ 420,815 Less: Expected beginning inventory 25,750 26,265 26,790 78,805 Purchases $ 129,264 $ 131,850 $ 133,951 $ 395,065 (1) What are the errors? (2) How would you correct these errors?
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