Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Lucia Company made two errors: 1)ending inventory at the end of Year 1 was understated by $15,000 and 2)ending inventory at the end of Year 2 was overstated by $6,000.Given this information,the correct cost of goods sold figure for Year 2 would be:

Question

Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:  Lucia Company made two errors: 1)ending inventory at the end of Year 1 was understated by $15,000 and 2)ending inventory at the end of Year 2 was overstated by $6,000.Given this information,the correct cost of goods sold figure for Year 2 would be:

Quizplus · Accepted Answer

The Answer of Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:  Lucia Company made two errors: 1)ending inventory at the end of Year 1 was understated by $15,000 and 2)ending inventory at the end of Year 2 was overstated by $6,000.Given this information,the correct cost of goods sold figure for Year 2 would be:

Lucia Company Reported Cost of Goods Sold for Year 1