Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. crane's hardware reported cost of goods sold as fo

Crane's Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $25,000 $15,000...

90.2K

Verified Solution

Question

Accounting

Crane's Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $25,000 $15,000 Cost of goods purchased 140,000 120,000 Cost of goods available for sale 165,000 135,000 Ending inventory 30,000 25,000 Cost of goods sold $135,000 $110,000 Crane's made two errors: (1) 2021 ending inventory was overstated $3,000, and (2) 2022 ending inventory was understated $5,000. Compute the correct cost of goods sold for each year. Cost of goods sold 2022 $ +A 2021

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