Solution-Compute the correct cost of goods sold for each

Compute the correct cost of goods sold for each year

Reference no: EM13531553

Brooks Hardware reported cost of goods sold as follows.

	2012	2011
Beginning inventory	$30,000	$20,000
Cost of goods purchased	175,000	164,000
Cost of goods available for sale	205,000	184,000
Less: Ending inventory	37,000	30,000
Cost of goods sold	$168,000	$154,000

Brooks made two errors:

1. 2011 ending inventory was overstated by $2,000.

2. 2012 ending inventory was understated by $5,000.

Instructions

Compute the correct cost of goods sold for each year.

Reference no: EM13531553

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Compute the correct cost of goods sold for each year

Reference no: EM13531553

Reference no: EM13531553

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