Question: Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: The following two errors were made in the physical inventory

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: The following two errors were made in the physical inventory counts: 2015 ending inventory was understated by $7,000. 2016 ending inventory was overstated by $3,000. Compute the correct cost of goods sold for both 2015 and 2016

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