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  • Acc111 Excel

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    Lalaine Espina
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    This document shows the cost of goods sold for three quarters, with errors in the ending inventory figures for each quarter: the 1st quarter ending inventory was understated by 10,000 pesos, the 2nd quarter was overstated by 20,000 pesos, and the 3rd quarter was overstated by 40,000 pesos. The corrected figures are provided.

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    This document shows the cost of goods sold for three quarters, with errors in the ending inventory figures for each quarter: the 1st quarter ending inventory was understated by 10,000 pesos, the 2nd quarter was overstated by 20,000 pesos, and the 3rd quarter was overstated by 40,000 pesos. The corrected figures are provided.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    13 views2 pages

    Acc111 Excel

    Uploaded by

    Lalaine Espina
    This document shows the cost of goods sold for three quarters, with errors in the ending inventory figures for each quarter: the 1st quarter ending inventory was understated by 10,000 pesos, the 2nd quarter was overstated by 20,000 pesos, and the 3rd quarter was overstated by 40,000 pesos. The corrected figures are provided.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    INCORRECT

    Cost of Goods Sold

    1st Quarter 2nd Quarter 3rd Quarter


    Beginning Inventory P 340,000 P 460,000 P 525,000
    Net cost of Purchases 1,050,000 980,000 910,000
    Available for Sale P 1,390,000 P 1,440,000 P 1,435,000
    Less: Ending Inventory 460,000 525,000 620,000
    Cost of Sales P 930,000 P 915,000 P 815,000

    CORRECT
    Cost of Goods Sold

    1st Quarter 2nd Quarter 3rd Quarter


    Beginning Inventory P 340,000 P 470,000 P 505,000
    Add: Net cost of Purchases 1,050,000 980,000 910,000
    Available for Sale P 1,390,000 P 1,450,000 P 1,415,000
    Less: Ending Inventory 470,000 505,000 580,000
    Cost of Sales P 920,000 P 945,000 P 835,000
    Errors in Ending Inventory
    1st Quarter understated by P10,000
    2nd Quarter overstated by P20,000
    3rd Quarter overstated by P40,000

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