Business, 12.03.2021 17:10 maijahmcleod61

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013 2012 Beginning inventory $70,000 $60,000 Cost of goods purchased 430,000 410,000 Cost of goods available for sale 500,000 470,000 Ending inventory 65,000 70,000 Cost of goods sold $435,000 $400,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $10,000. 2. 2013 ending inventory was overstated by $5,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold Answer Answer

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Errors in Inventory Counts The following information was taken from the records of Taylor Enterprise...

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