Exercise 6-16 X Your answer is incorrect. Try again. Novak Corp. reported cost o

Question

Exercise 6-16 X Your answer is incorrect. Try again. Novak Corp. reported cost of goods sold as follows. 2017 2016 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 30,970 158,950 189,920 35,240 $154,680 $ 20,420 171,470 191,890 30,970 $160,920 Novak Corp. made two errors: 1. 2016 ending inventory was overstated by $2,110. 2. 2017 ending inventory was understated by $5,500. Compute the correct cost of goods sold for each year. 2016 2017 The correct cost of goods sold 167340 144870

Explanation / Answer

Particulars 2017 2016 Beginning Inventory 28860 20420 Cost of goods Purchased 158950 171470 Cost of goods available for Sale 187810 191890 Less: corrected Ending inventory 35240+5550 40740 30970-2110 28860 Corrected Cost of goods sold 147070 163030

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