Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bobs hardware reported cost of goods sold as follo

Bobs hardware reported cost of goods sold as follows: 2019 2020 Begininng inventory 23500...

60.1K

Verified Solution

Question

Accounting

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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

Classify each of the following disposal methods as organic or inorganic. 1. Dumping into the sea. 2. Sanitary...

Physics
1.2K views

The electric field at the surface of a positively charged spherical conductor with surface charge...

Geometry
1.2K views

the 3D figure by the most specific name Name the horizontal cross section Name the...

Statistics
1.2K views

Suppose that the New England Colonials baseball team is equally likely to win a game...

Accounting
1.2K views

Gooper Corporations is a public company that follows IFRS. Gooper has been authorized...

Accounting
1.2K views

A sneaker outlet has made the following wholesale purchases of new running shoes:...

Accounting
1.2K views

Examine the last column in Table 8.2 for the following personnel only: access control officer,...

Accounting
1.2K views

Time remaining: 0:39.07 5. Marlow Company produces hand tools. A production budget for the next...

Accounting
1.2K views

AK Ltd is a building construction company intending to undertake a new project, required 287,000...

Finance
1.2K views

value of any coupon payments expected to be made in 9 years from today? An...

Accounting
1.2K views

In the article "So You Think You Understand Revenues" the author recommends that companies grasp...

Accounting
1.2K views

On May 1, 2019, Star Corporation issued $440,000 face value, 10 percent bonds at 98.6....