The question is in the attached image. Lake Land C XO Course Mod xW Unit 4 Stude xE Unit 4 Stude XO Math | Solut xO MTH307A_S XMath | Solut xO MTH307A_S XLake LandHW 6BC Errors In Inv XC Errors In Inv X+A mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt=D4149816&cmid=218928&page=1&scrollpos=100#q2BusinessCourseA Return to courseH My SubscriptionsO Phillip Humphreys -1 234Finish attempt ...В еВookA PrintQuestion 2 Partially correctMark 7.50 out of 15.00P Flag questionErrors in Inventory Counts The following information was taken from the records of Taylor Enterprises:20132012Beginning inventory$150,000 $140,000Cost of goods purchased510,000490,000Cost of goods available for sale660,000 630,000Ending inventory145,000150,000Cost of goods sold$515,000 $480,000The following two errors were made in the physical inventory counts:1. 2012 ending inventory was understated by $19,000.2. 2013 ending inventory was overstated by $14,000.Compute the correct cost of goods sold for both 2012 and 2013.20132012Cost of goods sold461,000 vCheckYou have correctly selected 1.Partially correctMarks for this submission: 7.50/15.00.O PreviousA Save AnswersNext e5:55Support

Inventory: It refers to the items held by an organization which were in various forms like raw…

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013 2012 Beginning inventory Cost of goods purchased $150,000 $140,000 510,000 490,000 Cost of goods available for sale 660,000 630,000 Ending inventory 145,000 150,000 Cost of goods sold $515,000 $480,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $19,000. 2. 2013 ending inventory was overstated by $14,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold |× $ 461,000 v Check

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013 2012 Beginning inventory Cost of goods purchased $150,000 $140,000 510,000 490,000 Cost of goods available for sale 660,000 630,000 Ending inventory 145,000 150,000 Cost of goods sold $515,000 $480,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $19,000. 2. 2013 ending inventory was overstated by $14,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold |× $ 461,000 v Check

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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