Solution-Determine the corrected amounts for cost of goods

Determine the corrected amounts for cost of goods sold

Reference no: EM131797076

Problem

Indigo Enterprises reported cost of goods sold for 2017 of $1,371,500 and retained earnings of $5,442,800 at December 31, 2017. Indigo later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $109,170 and $35,290, respectively.

Determine the corrected amounts for 2017 cost of goods sold.

Reference no: EM131797076

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Determine the corrected amounts for cost of goods sold

Reference no: EM131797076

Reference no: EM131797076

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