Marigold Hardware reported cost of goods sold as follows.Beginning inventoryCost of goods purchasedCost of goods available for saleLess: Ending inventoryCost of goods soldCost of goods sold $2022$ 30,500185,500eTextbook and Media216,00038,500$177,5002021$ 23,5002022154,500Marigold 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.178,00030,500$147,500$2021

When inventory is overstated then overstated amount is subtracted from inventory. When inventory is…

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 $ 30,500 Cost of goods sold $ 185,500 216,000 38,500 $177,500 2021 2022 $ 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. 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 $ 30,500 Cost of goods sold $ 185,500 216,000 38,500 $177,500 2021 2022 $ 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. 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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