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Waterway's Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased...

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Accounting

Waterway's Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Cost of goods sold 2022 $ $30,000 145,000 175,000 35,000 $140,000 2021 2022 $ 20,000 120,000 140,000 Waterway'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. 30,000 $110,000 2021
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Waterway's Hardware reported cost of goods sold as follows. Waterway's made two errors: (1) 2021 ending imventory was overstated $3,000, and (2) 2022 ending inventory was understated $5,000 Compute the correct cost of goods sold for each year

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