E6-11 - E611 Correct. Lebo Hardware reported the cost of...

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Unformatted text preview: E611 Correct. Lebo Hardware reported the cost of goods sold as follows: 2008 Beginning Inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $20,000 150,000 170,000 30,000 $140,000 2009 $30,000 175,000 205,000 35,000 $170,000Lebo made two errors: (1) 2008 ending inventory was overstated by $3,000 and (2) 2009 ending inventory was understated $6,000. Instructions Compute the correct cost of goods sold for each year. Cost of goods sold 2008 $ 143000 2009 $ 161000 ...
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This note was uploaded on 10/19/2008 for the course ACCT 220 taught by Professor Shivn.goyal during the Fall '08 term at Maryland.

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