The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 Beginning Inventory $60,000 $72,000 Cost of goods purchased 480,000 504,000 Cost of goods available for sale 540,000 576,000 72,000 66,000 $468,000 $510,000 Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $9,600 2. Year 2 ending inventory was overstated by $4,800 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ $

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 Beginning Inventory $60,000 $72,000 Cost of goods purchased 480,000 504,000 Cost of goods available for sale 540,000 576,000 Ending inventory 72,000 66,000 Cost of goods sold $468,000 $510,000 The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $9,600 2. Year 2 ending inventory was overstated by $4,800 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ tA $.

The following information was taken from the records of Tinker Enterprises:
Year 1 Year 2
Beginning Inventory
$60,000
$72,000
Cost of goods purchased
480,000 504,000
Cost of goods available for sale 540,000
576,000
72,000
66,000
$468,000 $510,000
Ending inventory
Cost of goods sold
The following two errors were made in the physical inventory counts:
1. Year 1 ending inventory was understated by $9,600
2. Year 2 ending inventory was overstated by $4,800
Compute the correct cost of goods sold for both years.
Year 1
Year 2
Cost of goods sold $
$
Transcribed Image Text:The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 Beginning Inventory $60,000 $72,000 Cost of goods purchased 480,000 504,000 Cost of goods available for sale 540,000 576,000 72,000 66,000 $468,000 $510,000 Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $9,600 2. Year 2 ending inventory was overstated by $4,800 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ $
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