Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Wildhorse Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 33,000 $21,000 Cost of goods purchased 180,000 151,500 Cost of
Wildhorse Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 33,000 $21,000 Cost of goods purchased 180,000 151,500 Cost of goods available for sale 213,000 172,500 Less: Ending inventory 39,000 33,000 Cost of goods sold $174,000 $139,500 Wildhorse made two errors: 1.2021 ending inventory was overstated by $3,300. 2.2022 ending inventory was understated by $6,350. Compute the correct cost of goods sold for each year. Cost of goods sold $ 2022 177300 $ tA 2021 129850
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started