Errors in Inventory Counts The following information was taken from the records of Spencer Enterprises: 2013 2012 Beginning inventory $55,000 $75,000 Cost of goods purchased 540,000 500,000 Cost of goods available for sale 595,000 575,000 Ending inventory 85,000 55,000 Cost of goods sold $510,000 $520,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $25,000. 2. 2013 ending inventory was understated by $20,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold