Compute the correct cost of goods sold for each year.?

2012

2011

Beginning inventory

$ 33,750

$ 23,200

Cost of goods purchased

175,760

170,850

Cost of goods available for sale

209,510

194,050

Less: Ending inventory

38,620

33,750

Cost of goods sold

$170,890

$160,300

Brooks made two errors:

1. 2011 ending inventory was overstated by $2,910.

2. 2012 ending inventory was understated by $3,640.

2012: i got 174530 (CGS-EI+3640)

2011: i got 157390 (CGS-EI-2910)

what my mistake is? why the answers are incorrect?

1 Answer

? Favorite Answer

  • I’m glad you posted this in another place. I can redeem myself for the math error I made when I answered it elsewhere.

    Corrected Amounts

    2011

    Beginning inventory

    $ 23,200

    Cost of goods purchased

    170,850

    Cost of goods available for sale

    194,050

    Less: Ending inventory

    30,840

    Cost of goods sold

    $163,210

    2012

    Beginning inventory

    $ 30,840

    Cost of goods purchased

    175,760

    Cost of goods available for sale

    206,600

    Less: Ending inventory

    42,260

    Cost of goods sold

    $164,340

    Source(s): Accounting Fan

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