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Exercise 6-16 Marigold Corp. reported cost of goods sold as follows. 2022 2021 Beginning inventory $...

Exercise 6-16

Marigold Corp. reported cost of goods sold as follows.

2022

2021

Beginning inventory

$ 29,180

$ 21,350

Cost of goods purchased

190,730

176,290

Cost of goods available for sale

219,910

197,640

Less: Ending inventory

37,500

29,180

Cost of goods sold

$182,410

$168,460

Marigold Corp. made two errors:
1. 2021 ending inventory was overstated by $1,890.
2. 2022 ending inventory was understated by $5,160.

Compute the correct cost of goods sold for each year.

2021

2022

The correct cost of goods sold

 $enter a dollar amount

$enter a dollar amount

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Answer #1

Answer

  • Working

2022

2021

Beginning Inventory

$27,290

$21,350

Cost of Goods purchased

$190,730

$176,290

Cost of Goods available for sale

$218,020

$197,640

Less: CORRECT ending inventory

$42,660

$27,290

Cost of Goods Sold

$175,360

$170,350

  • Requirement

2022

2021

The correct cost of Goods Sold

$175,360

$170,350

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