Hi,How do I calculate the correct amounts for this question? Sheffield Hardware Limited reported the following amounts for its cost of goods sold and Inventory:Cost of goods soldEnding inventory2021$169,50036,4002020$154,70029,500Sheffield made two errors in 2020. It recorded a $4,400 inventory purchase in transit at the end of 2020 that was shipped FOBdestination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 ofending inventory that was on hand. No one discovered these errors in 2020. Calculate the correct ending inventory and cost of goods sold amounts for each year.Ending inventoryCost of goods sold$2021$LA$LA2020

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Description: Hi,How do I calculate the correct amounts for this question? Sheffield Hardware Limited reported the following amounts for its cost of goods sold and Inventory:Cost of goods soldEnding inventory2021$169,50036,4002020$154,70029,500Sheffield made two e

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Sheffield Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2021 $169,500 36,400 2020 $154,700 29,500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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