Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 $95,000 $114,000 760,000 798,000 855,000 912,000 114,000 104,500 $741,000 $807,500 Beginning Inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $15,200 2. Year 2 ending inventory was overstated by $7,600 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ 0 $ 0

Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $15,200 2. Year 2 ending inventory was overstated by $7,600 Compute the correct cost of goods sold for both years