Lebo made two errors 1 2008 ending inventory was

Assignment Help Accounting Basics

Reference no: EM13482580

Lebo Hardware reported the cost of goods sold as follows:

	2008	2009
Beginning Inventory	$24,560	$33,960
Cost of goods purchased	150,170	176,650
Cost of goods available for sale	174,730	210,610
Ending inventory	33,960	38,600
Cost of goods sold	$140,770	$172,010

Lebo made two errors: (1) 2008 ending inventory was overstatedby $3,450 and (2) 2009 ending inventory was understated $6,470.

Instructions

Compute the correct cost of goods sold for each year.

Reference no: EM13482580

Questions Cloud

Closing stock on 30th november consisted of 200 units : barley ltd produces a certain food item in a manufacturingprocess. on 1st november there was no opening stock in

The cost of goods sold computations for obrien company and : the cost of goods sold computations for obrien company and weinberg company are shown

Casmix2 hi please find the attached file i need to do : hi please find the attached file i need to do paraphrase for this questions answers all answers. make sure that you

Calculate gross receivables for the years given and then : from the income statementnet sales729373678960from the balance sheetaccounts receivable net1491915036customer

Lebo made two errors 1 2008 ending inventory was : lebo hardware reported the cost of goods sold as follows20082009beginning inventory2456033960cost of goods

The home model is a high-volume half-gallon cylinder that : fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher

What predetermined overhead rates would be used in : the westfield company uses predetermined overhead rates to applymanufacturing overhead to jobs. the predetermined

Zodiac company has decided to introduce a new product which : zodiac company has decided to introduce a new product which can be manufactured by either a computer-assisted

Compute the cost of the ending inventory and the cost of : jones company had 115 units in beginning inventory at a total cost of 12650. the company purchased 220 units at a total

Reviews

Write a Review

Required(*) Message

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages