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Compute the correct cost of goods sold

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Reference no: EM132578093

Question - Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises:

20132012

Beginning inventory $65,000 $55,000

Cost of goods purchased 425,000 405,000

Cost of goods available for sale 490,000 460,000

Ending inventory 60,000 65,000

Cost of goods sold $430,000 $395,000

The following two errors were made in the physical inventory counts:

1. 2012 ending inventory was understated by $15,000.

2. 2013 ending inventory was overstated by $10,000.

Required - Compute the correct cost of goods sold for both 2012 and 2013.

Reference no: EM132578093

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