Compute the correct cost of goods sold for each year


Lebo Hardware reported cost of goods sold as follows.
2011 2012
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) 2011 ending inventory was overstated $3,000, and (2) 2012 ending inventory was understated $6,000.

Instructions


Compute the correct cost of goods sold for each year.

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Accounting Basics: Compute the correct cost of goods sold for each year
Reference No:- TGS067585

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