Tamarisk Hardware reported cost of goods sold as follows. 2021 2022 Beginning inventory $ 23,000 $ 34,000 Cost of goods purchased 150,000 182,500 Cost of goods available for sale 173,000 216,500 Less: Ending inventory 34,000 37,500 Cost of goods sold $139,000 $179,000 Tamarisk made two errors: (1) 2021 ending inventory was overstated by $3,550, and (2) 2022 ending inventory was understated by $6,600. Compute the correct cost of goods sold for each year. 2021 2022 Cost of goods sold 2$ %24

Tamarisk Hardware reported cost of goods sold as follows. 2021 2022 Beginning inventory $ 23,000 $ 34,000 Cost of goods purchased 150,000 182,500 Cost of goods available for sale 173,000 216,500 Less: Ending inventory 34,000 37,500 Cost of goods sold $139,000 $179,000 Tamarisk made two errors: (1) 2021 ending inventory was overstated by $3,550, and (2) 2022 ending inventory was understated by $6,600. Compute the correct cost of goods sold for each year. 2021 2022 Cost of goods sold 2$ %24

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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Please do not give solution in image format