Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

* Your answer is incorrect. Swifty Corporation reported cost of goods sold as follows. 2022 2021 Beginning inventory Cost of goods purchased $30,010 169,530 199,540

image text in transcribed

* Your answer is incorrect. Swifty Corporation reported cost of goods sold as follows. 2022 2021 Beginning inventory Cost of goods purchased $30,010 169,530 199,540 35,290 $20,320 151,390 171,710 30,010 Cost of goods available for sale Less: Ending inventory Cost of goods sold $164,250 $141,700 Swifty Corporation made two errors: 1. 2021 ending inventory was overstated by $2,110. 2. 2022 ending inventory was understated by $4,540. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods sold $ 166360 $ 146240

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

9th edition

1-119-49356-3, 1119493633, 1119493560, 978-1119493631

More Books

Students also viewed these Accounting questions

Question

1. Describe the Good Lives Model of offender rehabilitation

Answered: 1 week ago

Question

What are the attributes of a technical decision?

Answered: 1 week ago