MC Qu. 83 Lucia Company reported cost... Lucia Company reported cost of goods so

Question

MC Qu. 83 Lucia Company reported cost... Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: $125,500 $131,100 251,100280,500 Cost of goods available for sale 376,600 411,600 131,100 236,100 $245,500 $275,500 acost of goods purchased “TR96) Cost of goods sold Lucla Company made two errors: t) ending inventory at the end of Year 1 was understated by $16,100 and 2) ending Inventory at the end of Year 2 was overstated by $7100. Given this information, the correct cost of goods sold figure for Year 2 would be: $291600 $282.600 44 of 50 EE Next >

Explanation / Answer

Formula to cost of goods sold= Opening Inventory+Cost of Purchase- Closing Inventory.

The correct cost of Goods sold is $ 298,700.

Cost of goods sold Calculation. Current Adjustment Actual Opening Inventory $ 131,100.00 Add: 16100 $ 147,200.00 Add Purchase $ 280,500.00 0 $ 280,500.00 Less Closing inventory $ 136,100.00 Less: 7100 $ 129,000.00 275500 Actual cost of goods sold $ 298,700.00

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