Bonita Industries reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Bonita Industries made two errors: 1. 2 2022 $ 30,230 183,920 214,150 2021 $18,000 163,730 181,730 35,380 30,230 $178,770 $151.500 2021 ending inventory was overstated by $1.910. 2022 ending inventory was understated by $5,320. Compute the correct cost of goods sold for each year.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bonita Industries reported cost of goods sold as follows.
Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Less: Ending inventory
Cost of goods sold
Bonita Industries made two errors:
1.
2.
2022
$ 30,230
183,920
214,150
35,380
$178,770
The correct cost of goods sold $
2021
$ 18,000
163,730
181,730
$151,500
2021 ending inventory was overstated by $1,910.
2022 ending inventory was understated by $5,320.
Compute the correct cost of goods sold for each year.
30,230
2021
2022
Transcribed Image Text:Bonita Industries reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Bonita Industries made two errors: 1. 2. 2022 $ 30,230 183,920 214,150 35,380 $178,770 The correct cost of goods sold $ 2021 $ 18,000 163,730 181,730 $151,500 2021 ending inventory was overstated by $1,910. 2022 ending inventory was understated by $5,320. Compute the correct cost of goods sold for each year. 30,230 2021 2022
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