*E6-14 Foyle Hardware reported cost of goods sold as follows.Determine effects oerrors.20142013(LO 8), ANBeginning inventoryCost of goods purchased$ 30,000175,000$ 20,000164,000Cost of goods available for saleLess: Ending inventory205,00037,000184,00030,000Cost of goods sold$168,000$154,000Foyle made two errors:1. 2013 ending inventory was overstated by $2,000.2. 2014 ending inventory was understated by $5,000.InstructionsCompute the correct cost of goods sold for each year.

Name: *E6-14 Foyle Hardware reported cost of goods sold as follows.Determin
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Description: *E6-14 Foyle Hardware reported cost of goods sold as follows.Determine effects oerrors.20142013(LO 8), ANBeginning inventoryCost of goods purchased$ 30,000175,000$ 20,000164,000Cost of goods available for saleLess: Ending inventory205,00037,000184,0

Definition of Understated: The value records lower than actual value is called understated.

Business

Accounting

FE6-14 Foyle Hardware reported cost of goods sold as follows. 2014 2013 Beginning inventory Cost of goods purchased $ 30,000 175,000 $ 20,000 164,000 Cost of goods available for sale Less: Ending inventory 205,000 184,000 30,000 37,000 Cost of goods sold $168,000 $154,000 Foyle made two errors: 1. 2013 ending inventory was overstated by $2,000. 2. 2014 ending inventory was understated by $5,000. Instructions Compute the correct cost of goods sold for each year.

FE6-14 Foyle Hardware reported cost of goods sold as follows. 2014 2013 Beginning inventory Cost of goods purchased $ 30,000 175,000 $ 20,000 164,000 Cost of goods available for sale Less: Ending inventory 205,000 184,000 30,000 37,000 Cost of goods sold $168,000 $154,000 Foyle made two errors: 1. 2013 ending inventory was overstated by $2,000. 2. 2014 ending inventory was understated by $5,000. Instructions Compute the correct cost of goods sold for each year.

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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Cullumber Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 30,000 $ 20,000 Cost of goods purchased 175,000 150,000 Cost of goods available for sale 205,000 170,000 Less: Ending inventory 35,000 30,000 Cost of goods sold $170,000 $140,000 Cullumber made two errors: 1. 2021 ending inventory was overstated by $3,100. 2. 2022 ending inventory was understated by $6,100. Compute the correct cost of goods sold for each year. 2022 2021 Cost of goods sold %24
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