Please help me to solve this problem 1. What is the corrected cost of goods sold for 2020?2.Did the understatement of ending inventory in 2020 cause the 2020 cost ofgoods sold to be overstated or understated?3. What is the corrected cost of goods sold for 2021?4.Did the understatement of ending inventory in 2020 cause the 2021 cost ofgoods sold to be overstated or understated?5. Were any other years impacted by the 2020 $150 understatement of endinginventory? Why or why not?Data tableBeginning inventory+ Purchases= Cost of goods availableEnding inventoryCost of goods sold=2022$500 $900$ 1,400 $400$1,000 $2021550 $1,1001,650 $5001,150 $2020250 $1,3501,600 $5501,050 $20196501,0001,6502501,400 Here is the original schedule of cost of goods sold for Thorpe Company for the years of 2019 through 2022:(Click the icon to view the original schedule of cost of goods sold.)During the preparation of its 2022 financial statements, Thorpe Company discovered that its 2020 ending inventory was understated by $150. Make thecorrection to the 2020 ending inventory and all other numbers in the schedule of cost of goods sold for any years affected and answer these questions.Make the correction to the 2020 ending inventory and all other numbers in the schedule of cost of goods sold for any years affected.202120202019Beginning inventoryPurchasesCost of goods availableEnding inventory= Cost of goods sold+=(...)2022

Inventory understatement means that the amount of inventory being reported less than the correct…

1. What is the corrected cost of goods sold for 2020? 2. Did the understatement of ending inventory in 2020 cause the 2020 cost of goods sold to be overstated or understated? 3. What is the corrected cost of goods sold for 2021? 4. Did the understatement of ending inventory in 2020 cause the 2021 cost of goods sold to be overstated or understated? 5. Were any other years impacted by the 2020 $150 understatement of ending inventory? Why or why not?

1. What is the corrected cost of goods sold for 2020? 2. Did the understatement of ending inventory in 2020 cause the 2020 cost of goods sold to be overstated or understated? 3. What is the corrected cost of goods sold for 2021? 4. Did the understatement of ending inventory in 2020 cause the 2021 cost of goods sold to be overstated or understated? 5. Were any other years impacted by the 2020 $150 understatement of ending inventory? Why or why not?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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