Week 5 team assignment updated

Week 5 team assignment updated - inventory was understated...

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Exercise E6-9: Delhi Hardware reported cost of goods sold as follows: 2006 2007 Beginning Inventory $20,000 $30,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 205,000 Ending Inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Delhi made two errors: (1) 2006 ending inventory was overstated $2,000, and (2) 2007 ending
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Unformatted text preview: inventory was understated $6,000. Instructions Compute the correct cost of goods sold for each year 2006 2007 Beginning Inventory $20,000 $28,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 203,000 Ending Inventory 28,000 41,000 Cost of goods sold $142,000 $162,000...
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