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Lebo Hardware reported the cost of goods sold as follows: 2008
2009
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
Lebo 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 07/31/2011 for the course ACCT 557 taught by Professor Kahn during the Spring '10 term at Strayer.
- Spring '10
- KAHN
- Financial Accounting
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