20. Inventory Errors LO4 Goodwin Grocery reported the following financial facts for 2011 and 2012: 2011 2012 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 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 20,000 30,000 150,000 175,000 $170,000 $205,000 30,000 35,000 $140,000 $170,000 Required Compute Goodwin's correct cost of goods sold for each year