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Current Attempt in Progress Sheridan Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Sheridan made two errors: 1. 2. 2021 $27,600 The correct cost of goods sold $ Save for Later 156,400 184,000 36,800 $147,200 Compute the correct cost of goods sold for each year. 2022 $36,800 179,400 216,200 2021 ending inventory was overstated $3,680. 2022 ending inventory was understated $6,440. 2021 $174,800 41,400 2022

Current Attempt in Progress Sheridan Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Sheridan made two errors: 1. 2. 2021 $27,600 The correct cost of goods sold $ Save for Later 156,400 184,000 36,800 $147,200 Compute the correct cost of goods sold for each year. 2022 $36,800 179,400 216,200 2021 ending inventory was overstated $3,680. 2022 ending inventory was understated $6,440. 2021 $174,800 41,400 2022

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Sheridan Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Sheridan made two errors: 1. 2. 2021 $27,600 The correct cost of goods sold $ Save for Later 156,400 184,000 36,800 $147,200 Compute the correct cost of goods sold for each year. 2022 $36,800 179,400 216,200 2021 ending inventory was overstated $3,680. 2022 ending inventory was understated $6,440. 2021 $174,800 41,400 2022
Transcribed Image Text:Current Attempt in Progress Sheridan Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Sheridan made two errors: 1. 2. 2021 $27,600 The correct cost of goods sold $ Save for Later 156,400 184,000 36,800 $147,200 Compute the correct cost of goods sold for each year. 2022 $36,800 179,400 216,200 2021 ending inventory was overstated $3,680. 2022 ending inventory was understated $6,440. 2021 $174,800 41,400 2022
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