FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please help me. 

Thankyou. 

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
expand button
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
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education