Brooks Hardware reported cost of goods sold as follows.
| 2012 Don't use plagiarized sources. Get Your Custom Essay on brooks hardware reported cost of goods sold as follows 533827 For $10/Page 0nly | 2011 | |
| Beginning inventory | $30,000 | $20,000 |
| Cost of goods purchased | 175,000 | 164,000 |
| Cost of goods available for sale | 205,000 | 184,000 |
| Less: Ending inventory | 37,000 | 30,000 |
| Cost of goods sold | $168,000 | $154,000 |
Brooks made two errors:
1. 2011 ending inventory was overstated by $2,000.
2. 2012 ending inventory was understated by $5,000.
Instructions
Compute the correct cost of goods sold for each year.
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