Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Multiple Choice Year 1 $128,000 251,600 379,600 131,600 $248,000 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,600 and 2) ending inventory at the end of Year 2 was overstated by $7,600. Given this information, the correct cost of goods sold figure for Year 2 would be: $270,400 Year 2 $131,600 283,000 414,600 136,600 $278,000 4

Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Multiple Choice Year 1 $128,000 251,600 379,600 131,600 $248,000 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,600 and 2) ending inventory at the end of Year 2 was overstated by $7,600. Given this information, the correct cost of goods sold figure for Year 2 would be: $270,400 Year 2 $131,600 283,000 414,600 136,600 $278,000 4

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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