Current Attempt in Progress
Sheridan Hardware reported cost of goods sold as follows.
2021
2022
Beginning inventory
$27,600 $36,800
Cost of goods purchased
156,400 179,400
Cost of goods available for sale
184,000 216,200
Ending inventory
36,800
41,400
Cost of goods sold
$147,200 $174,800
Sheridan made two errors:
1.
2021 ending inventory was overstated $3,680.
2.
2022 ending inventory was understated $6,440.
Compute the correct cost of goods sold for each year.
The correct cost of goods sold
Save for Later
2021
$
$
2022