*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
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

Cullumber Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2027 Cost of goods sold $ $30,000 175,000 205,000 35,000 $170,000 2026 2027 $ 20,000 150,000. 170,000 Cullumber made two errors: 1.2026 ending inventory was overstated by $3,100. 2.2027 ending inventory was understated by $6,100. Compute the correct cost of goods sold for each year. 30,000 $140,000 $ 2026
P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2014 2013 2012 $925,000 750,000 550,000 $900,000 700,000 550,000 80,000 $850,000 650,000 500,000 526o 70,000 Total assets Owner's equity Cost of goods sold Profit 90,000 Alyssa Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets 2. Owner's equity 3. Cost of goods sold 4.…
go.4
None
12/Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to RO 61,000. What is the adjusting journal entry to be used to record the above? a. Merchandise inventory RO 7,000 Dr/ Cost of goods sold RO 7,000 Cr b. Cost of goods sold RO 7,000 Dr / Merchandise inventory RO 7,000 Cr c. Cost of goods sold RO 68,000 Dr / Merchandise inventory RO 68,000 Cr d. Merchandise inventory RO 61,000 Dr/ Cost of goods sold RO 61,000 Cr
Cop
answer quickly
TB MC Qu. 9-117 (Algo) Clarabell Incorporated uses the conventional... Clarabell Incorporated uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Beginning inventory $ 110,000 Net purchases 404,000 Net markups Net markdowns Net sales Multiple Choice Estimated ending inventory using the conventional retail method is: Note: Do not round intermediate calculations. $133.366. Retail $ 192,000 705,000 $130,176. 44,000 22,000 686,000
P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2013 2012 $850,000 650,000 500,000 526 70,000 5600 2014 $925,000 750,000 550,000 90,000 $900,000 Total assets Owner's equity Cost of goods sold 700,000 550,000 Profit 80,000 Alyssa Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets 2. Owner's equity 3. Cost of goods sold…
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 2017 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. $152,900 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ 29,400 2018 tA $ LA 2017
Hello, I'm not sure how to solve this problem
I don't quite understand why I did wrong. Thank you for your clarification!