Homework Answers
Answer :
| 2021 | 2022 | |
| Beginning Inventory ( Working note -1) | $ 21540 | $ 26950 |
| Cost of goods purchased | $ 151520 | $ 174650 |
| Cost of goods available for sale | $ 173060 | $ 201600 |
| Less - Ending inventory ( Working note -1) | $ 26950 | $ 43940 |
| The correct Cost of goods sold | $ 146110 | $ 157660 |
Working note -1
Computation of correct value of Inventory
| 2021 | 2022 | |
| Beginning Inventory | $ 21540 | $ 28810 |
| Less - Over valuation of last year inventory | $ ( 1860) | |
| Actual Beginning inventory | $ 21540 | $ 26950 |
| Ending Inventory | $ 28810 | $ 38450 |
| Less - Over valuation of Inventory | $ ( 1860 ) | |
| ADD - Ending inventory under valuation | $ 5490 | |
| Actual Ending inventory | $ 26950 | $ 43940 |
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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
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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
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Exercise 6-16
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2022
2021
Beginning inventory
$ 29,180
$ 21,350
Cost of goods purchased
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176,290
Cost of goods available for sale
219,910
197,640
Less: Ending inventory
37,500
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Cost of goods sold
$182,410
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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
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