Errors in Inventory Counts The following information was taken from the records of Spencer Enterprises: 2013 2012 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $65,000 $85,000 550,000 510,000 615,000 595,000 95,000 65,000 $520,000 $530,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $35,000. 2. 2013 ending inventory was understated by $10,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold $ 0 x $ 0 x Check