Sheffield Hardware Limited reported the following amounts for its cost of goods sold and inventory: Cost of goods sold Ending inventory (a) 2024 Ending inventory $169,500 Cost of goods sold 36,800 Sheffield made two errors in 2023. It recorded a $4,000 inventory purchase in transit at the end of 2023 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2023. 2023 $155,100 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ 30,400 2024 LA 2023
Sheffield Hardware Limited reported the following amounts for its cost of goods sold and inventory: Cost of goods sold Ending inventory (a) 2024 Ending inventory $169,500 Cost of goods sold 36,800 Sheffield made two errors in 2023. It recorded a $4,000 inventory purchase in transit at the end of 2023 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2023. 2023 $155,100 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ 30,400 2024 LA 2023
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
min.3
Transcribed Image Text:Sheffield Hardware Limited reported the following amounts for its cost of goods sold and inventory:
Cost of goods sold
Ending inventory
(a)
2024
Ending inventory
$169,500
Cost of goods sold
36,800
Sheffield made two errors in 2023. It recorded a $4,000 inventory purchase in transit at the end of 2023 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory
count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2023.
2023
$155,100
Calculate the correct ending inventory and cost of goods sold amounts for each year.
$
30,400
2024
LA
2023
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