Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises 2016 2015 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $60,000 $50,000 420,000 400,000 450,000 55,000 60,000 $425,000 $390,000 480,000 The following two errors were made in the physical inventory counts 1. 2015 ending inventory was understated by $7,000 2. 2016 ending inventory was overstated by $3,000. Compute the correct cost of goods sold for both 2015 and 2016 2016 2015 Cost of goods sold S 487,000 $ 450,000 X