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William's Music Store reported cost of goods sold as follows:

2011 2012

Beginning inventory $ 54,000 $ 64,000
Cost of goods purchased 847,000 891,000
Cost of goods available for sale 901,000 955,000
Ending inventory 64,000 55,000
Cost of goods sold $837,000 $900,000

William's have found they have made two errors:

a. 2011 ending inventory was overstated by $3,000.
b. 2012 ending inventory was understated by $9,000.

Required:

(a) Assuming the errors had not been corrected, in your answer book, in tabular format as shown below indicate the dollar effect that the errors had on the items appearing on the financial statements listed below.

2011 2012
$ Amount $ Amount
Total assets
Shareholders' Equity
Cost of goods sold
Net profit

(b) Show the corrected Cost of Goods Sold calculations for both 2011 and 2012.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M944567

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