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Wildhorse Hardware reported cost of goods sold as follows. 2021 2022 Beginning inventory $21,000 $33,000 Cost of goods purchased 151,500 180,000 Cost of goods
Wildhorse Hardware reported cost of goods sold as follows. 2021 2022 Beginning inventory $21,000 $33,000 Cost of goods purchased 151,500 180,000 Cost of goods available for sale 172,500 213,000 Less: Ending inventory 33,000 39.000 Cost of goods sold $139,500 $174,000 -/0.5 E Wildhorse made two errors: (1) 2021 ending inventory was overstated by $3,300, and (2) 2022 ending inventory was understated by $6,350. Compute the correct cost of goods sold for each year. Cost of goods sold 2021 2022
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