Solution-Compute the correct cost of goods sold for each

Compute the correct cost of goods sold for each year

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Reference no: EM13497419

Lebo Hardware reported the cost of goods sold as follows:

	2011	2012
Beginning Inventory	$18,230	$29,080
Cost of goods purchased	150,650	171,550
Cost of goods available for sale	168,880	200,630
Ending inventory	29,080	35,440
Cost of goods sold	$139,800	$165,190

Lebo made two errors: (1) 2011 ending inventory was overstated by $3,340 and (2) 2012 ending inventory was understated $6,290.

Compute the correct cost of goods sold for each year.

Reference no: EM13497419

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Compute the correct cost of goods sold for each year : Lebo made two errors: 2011 ending inventory was overstated by $3,340 and (2) 2012 ending inventory was understated $6,290 - compute the correct cost of goods sold for each year

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Compute the correct cost of goods sold for each year

Reference no: EM13497419

Reference no: EM13497419

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