w wileypLuS WileyplUs edugen tudent/mainfr.un Assignment Gradebook ORION Downloa

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w wileypLuS WileyplUs edugen tudent/mainfr.un Assignment Gradebook ORION Downloadable eTextbook nment Exercise 6-10 Metlock's Hardware reported cost of goods sold as follows 2018 2019 $31,500 Beginning inventory Cost of goods purchased Cost of goods availlable for sale Ending inventory Cost of goods sold Metlock's made two errors: (1) 2018 ending inventory was overstated $3,200, and (2) 2019 ending inventory was understated 56,300 Compute the correct cost of goods sold for each year $ 25,000 175,000 31.500 $143,500 231,000 Cost of goods sold s Click if you would like to Show Work for this question: h Question Altempts: 0 of 5 used scom edugen shared

Explanation / Answer

Cost of Goods Sold = Opening inventory + Purchases for the year-Closing inventory 2018 2019 Beginning inventory $                        25,000 $                     28,300 Cost of Goods Purchased $                    1,50,000 $                 1,99,500 Csot of Goods Available for Sale $                    1,75,000 $                 2,27,800 Less: Ending inventory $                        28,300 $                     41,800 ($31,500-$ 3200) ($35,500+$ 6,300) Cost of Goods Sold $                    1,46,700 $                 1,86,000 Note: closing inventory of the year 2018 is change so , opening inventory for 2019 will also change

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