Please finish all questions. Exercise 6-9 Your answer is incorrect. Try again. E

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Please finish all questions. Exercise 6-9 Your answer is incorrect. Try again. Elliott's Hardware reported cost of goods sold as follows 2016 2017 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 21,000$ 33,000 153,000 174,000 33,000 195,000 228,000 36,000 $192,000 $141,000 Elliott's made two errors: (1) 2016 ending inventory was overstated $3,500, and (2) 2017 ending inventory was understated $6,400 Compute the correct cost of goods sold for each year 2016 2017 Cost of goods sold 137500 198400 Question Attempts: 1 of 3 used Copynight 2000-2018 by John Wlay&Sons; All rights reserved

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Solution for First Question:-

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Calculation of correct Cost of Goods sold 2016 2017 Beginning Inventory 21000 33000 Add: Cost of Goods Purchased 153000 195000 Cost of Goods Available for Sale 174000 228000 Less: Ending inventory 29500 42400 (33000-3500) (36000+6400) Correct Cost of Goods sold 144500 185600

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