Lebo hardware reported the cost of goods sold as, Ask an Expert

Accounting

Lebo Hardware reported the cost of goods sold as follows:

	2008	2009
Beginning Inventory	$24,560	$33,960
Cost of goods purchased	150,170	176,650
Cost of goods available for sale	174,730	210,610
Ending inventory	33,960	38,600
Cost of goods sold	$140,770	$172,010

Lebo made two errors: (1) 2008 ending inventory was overstatedby $3,450 and (2) 2009 ending inventory was understated $6,470.

Instructions

Compute the correct cost of goods sold for each year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797756

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