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Lebo Hardware reported the cost of goods sold as follows

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 overstated by $3,450 and (2) 2009 ending inventory was understated $6,470.

Instructions

Compute the correct cost of goods sold for each year.

2008 2009
Cost of goods sold $ $

May 07 2018 Read more Less More

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