Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2013 2012 $150,000 $140,000 510,000 490.000 660,000 630,000 145,000 150,000 $515,000 $480,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $19,000. 2. 2013 ending inventory was overstated by $14,000. Compute the correct cost of goods sold for both 2012 and 2013. 2012 Cost of goods sold 5 461.000 2013 XS Check