What is the ending inventory? The following relates to Bayside Inc. in 2022. What is theending inventory?Purchases$620,000Beginning Inventory $150,000Purchase ReturnsSales$12,000$1,000,000Cost of Goods Sold $650,000a) $110,000b) $140,000c) $180,000d) $220,000e) none of the answers are correct

Explanation of Purchases: Purchases represent the total amount of inventory or goods a company buys…

Answered: The following relates to Bayside Inc.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
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The following relates to Bayside Inc. in 2022. What is the ending inventory? Purchases $620,000 Beginning Inventory $150,000 Purchase Returns Sales $12,000 $1,000,000 Cost of Goods Sold $650,000 a) $110,000 b) $140,000 c) $180,000 d) $220,000 e) none of the answers are correct