Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2016 2015 $60,000 $50,000 420,000 400,000 Cost of goods available for sale 480,000 450,000 5,000 60,000 $425,000 $390,000 Beginning inventory Cost of goods purchased Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1.2015 ending inventory was understated by $7,000. 2. 2016 ending inventory was overstated by $3,000 Compute the correct cost of goods sold for both 2015 and 2016. 2016 2015 Cost of goods sold