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

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: The foliowing two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $37,500 2. Year 2 ending imventory was overstated by $18,750. Compute the correct cost of goods sold for both years

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