Ayayai Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2018 Ending inventory $169,200 Cost of goods sold 37,400 Ayayai made two errors: (1) ending inventory for 2018 was overstated by $2,000 and (2) ending inventory for 2017 was understated by $4,100. Assume that neither error has been found or corrected. 2017 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ $152,900 $ 29,400 2018 $ 2017

Ayayai Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2018 Ending inventory $169,200 Cost of goods sold 37,400 Ayayai made two errors: (1) ending inventory for 2018 was overstated by $2,000 and (2) ending inventory for 2017 was understated by $4,100. Assume that neither error has been found or corrected. 2017 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ $152,900 $ 29,400 2018 $ 2017

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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