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The following information was taken from the records of Spencer Enterprises: Beginning inventory Cost of goods purchased 2013 2012 $63,000 $83,000 $548,000 $508,000 Cost of goods available for sale $611,000 $591,000 Ending inventory Cost of goods sold $93,000 $63,000 $518,000 $528,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013 ending inventory was understated by $28,000. Compute the correct cost of goods sold for both 2012 and 2013.

The following information was taken from the records of Spencer Enterprises: Beginning inventory Cost of goods purchased 2013 2012 $63,000 $83,000 $548,000 $508,000 Cost of goods available for sale $611,000 $591,000 Ending inventory Cost of goods sold $93,000 $63,000 $518,000 $528,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013 ending inventory was understated by $28,000. Compute the correct cost of goods sold for both 2012 and 2013.

FINANCIAL ACCOUNTING
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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The following information was taken from the records of Spencer Enterprises: Beginning inventory Cost of goods purchased 2013 2012 $63,000 $83,000 $548,000 $508,000 Cost of goods available for sale $611,000 $591,000 Ending inventory Cost of goods sold $93,000 $63,000 $518,000 $528,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013 ending inventory was understated by $28,000. Compute the correct cost of goods sold for both 2012 and 2013.
Transcribed Image Text:The following information was taken from the records of Spencer Enterprises: Beginning inventory Cost of goods purchased 2013 2012 $63,000 $83,000 $548,000 $508,000 Cost of goods available for sale $611,000 $591,000 Ending inventory Cost of goods sold $93,000 $63,000 $518,000 $528,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013 ending inventory was understated by $28,000. Compute the correct cost of goods sold for both 2012 and 2013.
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