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Compute the correct cost of goods sold for each year

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Problem - Hamid's Hardware reported cost of goods sold as follows.

2016

2017

Beginning inventory

$21,000

$32,500

Cost of goods purchased

151,500

187,500

Cost of goods available for sale

172,500

220,000

Ending inventory

32,500

35,500

Cost of goods sold

$140,000

$184,500

Hamid's made two errors: (1) 2016 ending inventory was overstated $3,150, and (2) 2017 ending inventory was understated $6,250.

Compute the correct cost of goods sold for each year.

Reference no: EM131734363

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