Goodwin Grocery reported the following financial facts for 2011 and 2012:

Goodwin made two accounting errors during the years: 1. 2011 ending inventory was understated by $3,000. 2. 2012 ending inventory was overstated by $4,000.
Required
Compute Goodwin's correct cost of goods sold for each year.

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2011 20,000 30,000 150,000 75,000 2012 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $170,000 $205,000 30,000 35,000 140,000 $170,000