Sheridan 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 $ $ 30,500 189,500 220,000 40,000 $180,000 Sheridan made two errors: 1.2021 ending inventory was overstated by $3,200. 2.2022 ending inventory was understated by $6,300. Compute the correct cost of goods sold for each year. 2022 2021 $ 25,000 153,500 178,500 30,500 $148,000 $ 2021

Sheridan 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 $ $ 30,500 189,500 220,000 40,000 $180,000 Sheridan made two errors: 1.2021 ending inventory was overstated by $3,200. 2.2022 ending inventory was understated by $6,300. Compute the correct cost of goods sold for each year. 2022 2021 $ 25,000 153,500 178,500 30,500 $148,000 $ 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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Cullumber Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 30,000 $ 20,000 Cost of goods purchased 175,000 150,000 Cost of goods available for sale 205,000 170,000 Less: Ending inventory 35,000 30,000 Cost of goods sold $170,000 $140,000 Cullumber made two errors: 1. 2021 ending inventory was overstated by $3,100. 2. 2022 ending inventory was understated by $6,100. Compute the correct cost of goods sold for each year. 2022 2021 Cost of goods sold %24
What will be the correct answer for weight average cost method for ending inventory and cost of goods sold?
Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80
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es Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage ormal spoilage Sales Sales returns Cost $ 97,000 363,000 9,700 7,700 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 5,546 Retail $ 187,000 587,000 11,700 16,700 12,700 3,700 8,700 547,000 10,700 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,700. 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Conventional application
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am. 1230.
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