Elliott's made two errors: (1) 2016 ending inventory was overstated $3,000, and (2) 2017 ending inventory was understated $5,000. Instructions Compute the correct cost of goods sold for each yean 6-10 Smart Watch Company reported the following income statement data for a 2-year period. 2016 2017 Sales revenue Cost of goods sold $220,000 $250,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 32,000 173,000 205,000 44,000 202,000 246,000 Cost of goods sold Gross profit 52,000 194,000 $59,000 56,000 44,000 161,000