Marigold 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 2022 Cost of goods sold $ $ 30,500 185,500 216,000 38,500 $177,500 2022 2021 $ 23,500 154,500 Marigold made two errors: 1.2021 ending inventory was overstated by $3,400. 2.2022 ending inventory was understated by $6,300. Compute the correct cost of goods sold for each year. 183800 178,000 30,500 $147,500 $ 2021

Marigold 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 2022 Cost of goods sold $ $ 30,500 185,500 216,000 38,500 $177,500 2022 2021 $ 23,500 154,500 Marigold made two errors: 1.2021 ending inventory was overstated by $3,400. 2.2022 ending inventory was understated by $6,300. Compute the correct cost of goods sold for each year. 183800 178,000 30,500 $147,500 $ 2021

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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