Please help me. Thankyou. Bonita Industries reported cost of goods sold as follows.Beginning inventoryCost of goods purchasedCost of goods available for saleLess: Ending inventoryCost of goods soldBonita Industries made two errors:1.2.2022$ 30,230183,920214,15035,380$178,770The correct cost of goods sold $2021$ 18,000163,730181,730$151,5002021 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.30,23020212022

The cost of goods sold includes the cost of goods that are sold during the period. The error in…

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.

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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