The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 Beginning Inventory $60,000 $72,000 Cost of goods purchased 480,000 504,000 Cost of goods available for sale 540,000 576,000 Ending inventory 72,000 66,000 Cost of goods sold $468,000 $510,000 The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $9,600 2. Year 2 ending inventory was overstated by $4,800 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ tA $. The following information was taken from the records of Tinker Enterprises:Year 1 Year 2Beginning Inventory$60,000$72,000Cost of goods purchased480,000 504,000Cost of goods available for sale 540,000576,00072,00066,000$468,000 $510,000Ending inventoryCost of goods soldThe following two errors were made in the physical inventory counts:1. Year 1 ending inventory was understated by $9,6002. Year 2 ending inventory was overstated by $4,800Compute the correct cost of goods sold for both years.Year 1Year 2Cost of goods sold $$

Name: The following information was taken from the records of Tinker Enterpr
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Description: The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 Beginning Inventory $60,000 $72,000 Cost of goods purchased 480,000 504,000 Cost of goods available for sale 540,000 576,000 Ending inventory 72,000 66,000 Cost

Cost of goods sold is the total cost of units sold during the period. It is calculated as beginning…

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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 Tinker Enterprises: Year 1 Year 2 Beginning Inventory $60,000 $72,000 Cost of goods purchased 480,000 504,000 Cost of goods available for sale 540,000 576,000 Ending inventory 72,000 66,000 Cost of goods sold $468,000 $510,000 The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $9,600 2. Year 2 ending inventory was overstated by $4,800 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ tA $.

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