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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 | $ | $ |
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