Question

Moonlight Company reported cost of goods sold for 2024 and 2025 a follows: 2024 2025 Beginning inventory 30,000 40,000 Cost of goods purchased 120,000 210,000 Cost of goods available for sale 150,000 250,000 Ending inventory 40,000 60,000 Cost of goods sold 110,000 190,000 Moonlight Company made two errors: 1. 2024 ending inventory was overstated 3,000. 2. 2025 ending inventory was understated 5,000. Required: Compute the correct cost of goods sold for each year. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2024 2025

          Moonlight Company reported cost of goods sold for 2024 and 2025 a
follows:

2024	2025
Beginning inventory	30,000	40,000
Cost of goods purchased	120,000	210,000
Cost of goods available for sale	150,000	250,000
Ending inventory	40,000	60,000
Cost of goods sold	110,000	190,000

Moonlight Company made two errors:
1. 2024 ending inventory was overstated 3,000.
2. 2025 ending inventory was understated 5,000.

Required:
Compute the correct cost of goods sold for each year.

Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Ending inventory
Cost of goods sold
2024	2025

Moonlight Company reported cost of goods sold for 2024 and 2025 a
follows:

2024 2025
Beginning inventory 30,000 40,000
Cost of goods purchased 120,000 210,000
Cost of goods available for sale 150,000 250,000
Ending inventory 40,000 60,000
Cost of goods sold 110,000 190,000

Moonlight Company made two errors:
1. 2024 ending inventory was overstated 3,000.
2. 2025 ending inventory was understated 5,000.

Required:
Compute the correct cost of goods sold for each year.

Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Ending inventory
Cost of goods sold
2024 2025

Added by Sandy B.

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