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While performing a detailed review of its financial records, Doors Unlimited noted the following ending inventory errors: 2020 2021 2022 Understated $43,000 Overstated $13,100 No
While performing a detailed review of its financial records, Doors Unlimited noted the following ending inventory errors:
2020 | 2021 | 2022 |
Understated $43,000 | Overstated $13,100 | No errors |
2020 | 2021 | 2022 | |||||
Ending inventory as reported | $ | 300,000 | $ | 375,000 | $ | 347,000 | |
Cost of goods sold as reported | 1,210,000 | 1,660,000 | 2,010,000 | ||||
Profit as reported | 295,000 | 471,000 | 607,000 | ||||
Required: Calculate the corrected ending inventory and cost of goods sold amounts for each year by completing the following schedule:
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