Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2019 2018 $60,000 $50,000 420,000 400,000 480,000 450,000 55,000 60,000 $425,000 $390,000 The following two errors were made in the physical inventory counts: 1. 2018 ending inventory was understated by $8,000. 2. 2019 ending inventory was overstated by $4,000. Compute the correct cost of goods sold for both 2018 and 2019. 2019 2018 Cost of goods sold