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prisoha [69]
3 years ago
13

Oriole Company reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 30,150 $ 20,730 Cost of goods purchased 1

74,240 150,450 Cost of goods available for sale 204,390 171,180 Less: Ending inventory 35,230 30,150 Cost of goods sold $169,160 $141,030 Oriole Company made two errors: 1. 2021 ending inventory was overstated by $2,140. 2. 2022 ending inventory was understated by $5,430. Compute the correct cost of goods sold for each year.
Business
1 answer:
Leviafan [203]3 years ago
6 0

Answer:

                                                   2021             2022

Beginning inventory               $20,730        $28,010

Cost of goods purchased      <u>$150,450</u>       <u>$174,240 </u>

Goods Available for sale        $171,180         $202,250

Less :Ending Inventory           <u>$28,010  </u>       <u>$40,660</u>

Cost of goods sold                 <u>$143,170</u>        <u>$161,590</u>

Note: The ending inventory of 2016 will become beginning inventory of 2017.        

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