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