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Effects of Inventory Errors Denise Javellana Flowers' operating figures for four consecutive periods are given below: PERIOD 2 3 1 4 Beginning Inventory Net Cost of Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 50,000 90,000 140,000 40,000 100,000 40,000 30,000 110,000 100,000 150,000 130,000 30,000 46,000 120,000 84,000 46,000 90,000 136,000 32,000 104,000 Required: If the following errors were made, compute the correct cost of goods sold for eac period: Period 1 Error in Ending Inventory Overstated by P4,000 Understated by P6,000 Overstated by P2,000 2 3
Effects of Inventory Errors Denise Javellana Flowers' operating figures for four consecutive periods are given below: PERIOD 2 3 1 4 Beginning Inventory Net Cost of Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 50,000 90,000 140,000 40,000 100,000 40,000 30,000 110,000 100,000 150,000 130,000 30,000 46,000 120,000 84,000 46,000 90,000 136,000 32,000 104,000 Required: If the following errors were made, compute the correct cost of goods sold for eac period: Period 1 Error in Ending Inventory Overstated by P4,000 Understated by P6,000 Overstated by P2,000 2 3
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