Runedale co. uses a periodic inventory system. beginning, Ask an Expert

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Runedale Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,000, and its ending inventory on December 31 was understated by $17,000. In addition, a purchase of merchandise costing $20,000 was incorrectly recorded as a $2,000 purchase. None of these errors were discovered until the next year. As a result, Prunedale's cost of goods sold for this year was:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M967283

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