Solution-Determine the corrected amounts for cost of goods

Determine the corrected amounts for cost of goods sold

Reference no: EM132594185

Question - Nash Enterprises reported cost of goods sold for 2020 of $1,299,500 and retained earnings of $5,405,900 at December 31, 2020. Nash later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $120,230 and $32,640, respectively.

Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

Reference no: EM132594185

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Determine the corrected amounts for cost of goods sold

Reference no: EM132594185

Reference no: EM132594185

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