8. On December 31, 2020, ABC Company reported cost of goods sold of P750,000 and ending inventory of P150,000. The following errors related to inventory were identified by the company at the end of the year: • January 1, 2020 inventory is understated by P17,000. • December 31, 2020 inventory is understated by P31,000. • Purchases of P30,000 made in December 2020 were not recorded, although the goods were received and properly included in the December 31 physical inventory. What is the correct cost of goods sold to be reported in 2020?

8. On December 31, 2020, ABC Company reported cost of goods sold of P750,000 and ending inventory of P150,000. The following errors related to inventory were identified by the company at the end of the year: • January 1, 2020 inventory is understated by P17,000. • December 31, 2020 inventory is understated by P31,000. • Purchases of P30,000 made in December 2020 were not recorded, although the goods were received and properly included in the December 31 physical inventory. What is the correct cost of goods sold to be reported in 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What number is cell D4 referring to on the first part of the question?
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Question 3 Listen What are the values of r and r² for the below table of data? Hint: Make sure your diagnostics are turned on. Enter the data into L1 and L2. Click STAT, CALC, and choose option 8: Lin Reg(a+bx). A r = -0.862 r2=0.743 B r=0.673 2=0.820 X y 5 C r=0.743 r2=-0.862 8 22 23.9 14 9 14 17 20 5.2
Topic: Uni X U2_AS i Topic: Uni X M Question X M Question x M Question √x ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https% 253A%252F%252Flms.mheducation.com%252Fmghmiddle Complete this question by entering your answers in the tabs below. Required 1 Required 2 F2 Moab Incorporated manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several transactions during the year. a. Moab Incorporated sold a machine that it used to make computerized gadgets for $30,600 cash. It originally bought the machine for $21,400 three years ago and has taken $8,000 in depreciation. b. Moab Incorporated held stock in ABC Corporation, which had a value of $23,000 at the beginning of the year. That same stock had a value of $26,230 at the end of the year. c. Moab Incorporated sold some of its inventory for $9,200…