Question: Errors in Inventory Counts The following information was taken from the records of Spencer Enterprises: The following two errors were made in the physical inventory

Errors in Inventory Counts The following information was taken from the records of Spencer Enterprises: The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was overstated by $25,000. 2. Year 2 ending inventory was understated by $20,000. Compute the correct cost of goods sold for both years

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