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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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