Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: Beginning inventory Cost of goods purchased 2013 $190,000 $180,000 550,000 530,000 2012 Cost of goods available for sale 740,000 710,000 185,000 190,000 $555,000 $520,000 Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $23,000. 2. 2013 ending inventory was overstated by $18,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold $ 0 $ 0 Check