Question
While performing a detailed review of its financial records, Doors Unlimited noted the following ending inv 2025 No errors 2023 Understated $42,000 Ending inventory as
While performing a detailed review of its financial records, Doors Unlimited noted the following ending inv 2025 No errors 2023 Understated $42,000 Ending inventory as reported Cost of goods sold as reported Profit as reported Corrected ending inventory Corrected cost of goods sold Corrected profit 2024 Overstated $13,000 2023 $ 2023 295,000 $ 1,200,000 290,000 2024 370,000 $ Required: Calculate the corrected ending inventory and cost of goods sold amounts for each year by completing the 2024 1,650,000 466,000 2025 342,000 2,000,000 602,000 2025
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