Sheffield Hardware reported cost of goods sold as follows. 2022 Beginning Inventory $22,500 $32,000 Cost of goods purchased 154,000 178,000 Cost of goods available for sale 176,500 210,000 32,000 36,500 144,500 173,500 Sheffield made two errors: (1) 2021 ending inventory was overstated by $3,600, and (2) 2022 ending inventory was understated by $6,350. Compute the correct cost of goods sold for each year. 2021 2022 Less: Ending inventory Cost of goods sold Cost of goods sold $ 2021 $

Sheffield Hardware reported cost of goods sold as follows. 2022 Beginning Inventory $22,500 $32,000 Cost of goods purchased 154,000 178,000 Cost of goods available for sale 176,500 210,000 32,000 36,500 144,500 173,500 Sheffield made two errors: (1) 2021 ending inventory was overstated by $3,600, and (2) 2022 ending inventory was understated by $6,350. Compute the correct cost of goods sold for each year. 2021 2022 Less: Ending inventory Cost of goods sold Cost of goods sold $ 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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