Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:...
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Accounting
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:
Year 1
Year 2
Beginning inventory
$ 120,500
$ 130,100
Cost of goods purchased
250,100
275,500
Cost of goods available for sale
370,600
405,600
Ending inventory
130,100
135,100
Cost of goods sold
$ 240,500
$ 270,500
Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,100 and 2) ending inventory at the end of Year 2 was overstated by $6,100. Given this information, the correct cost of goods sold figure for Year 2 would be:
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