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gOOvER gOOvER
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6 years ago
The following data are available for three products of the Classic Company:

   A   B   C
Beginning inventory   $ 5,000    $20,000   $15,000
Purchases   45,000    65,000   62,000
Goods available for sale   50,000   85,000   77,000
Ending inventory   18,000   13,000   9,000
Cost of goods sold   32,000   72,000   68,000

You discover the following errors:
a) Ending inventory for product A was overstated by $6,000.
b) Ending inventory for product B was understated by $5,000.
c) Beginning inventory for product C was overstated by $3,000.

Considering these errors, recalculate cost of goods sold for each product.
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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migrodmigrod
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