60.1K
Verified Solution
Link Copied!
Bobs hardware reported cost of goods sold as follows:
2019 2020
Begininng inventory 23500 34500
Cost of goods purchased 154500 175000
Cost of goods available for sale 178000 209500
Ending inventory 34500 36000
Cost of goods sold 143500 173500
Bob made two errors: 1. 2019 ending inventory was overstated by 3,300, and 2. 2020 ending inventory was understated 6450.
Compute the correct cost of goods sold for each year
| | | | 2019 | 2020 |
| Beg Inventory | | |
| Cost of Goods Purchased | | |
| Cost of Goods Available for Sale | | |
| Ending Inventory | | |
| Cost of goods Sold | | |
Answer & Explanation
Solved by verified expert
