Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400,...
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400, and its ending inventory on December 31 was understated by $16,300. In addition, a purchase of merchandise costing $20,500 was incorrectly recorded as a $2,050 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was:
Multiple Choice
-
Understated by $49,850.
-
Overstated by $3,350.
-
Understated by $33,550.
-
Overstated by $33,550.
Homework Answers
Ans:
Purchases understated by $18,450 (i.e., $20,500 - $2,050)
Cost of goods sold:
= Beginning inventory(U) + Purchases(U) - Ending inventory(U)
= $31,400 + $18,450 - $16,300
= $33,500
Cost of goods sold Understated by $33,500
Option C Understated by $33,500
where (U) stands for Understated
If any doubts or queries please comment and clarify I'll explain ASAP
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Poppy Co. uses a periodic inventory system. Beginning inventory
on January 1 was understated by $31,400,...
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