Asked Nov 9, 2019

Sun Co. uses a periodic inventory system. Beginning inventory on Jan. 1 was overstated by $32,000, and its ending inventory on December 31 was understated by $62,000. These errors were not discovered until the next year. So, cost of goods sold for this year was: 


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Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company in the course of regular business activities.


Cost of goods...

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