Question: Exercise 6-16 X Your answer is incorrect. Try again. Novak Corp. reported cost of goods sold as follows. 2017 2016 Beginning inventory Cost of goods

Exercise 6-16 X Your answer is incorrect. Try again. Novak Corp.

Exercise 6-16 X Your answer is incorrect. Try again. Novak Corp. reported cost of goods sold as follows. 2017 2016 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 30,970 158,950 189,920 35,240 $154,680 $ 20,420 171,470 191,890 30,970 $160,920 Novak Corp. made two errors: 1. 2016 ending inventory was overstated by $2,110. 2. 2017 ending inventory was understated by $5,500. Compute the correct cost of goods sold for each year. 2016 2017 The correct cost of goods sold 167340 144870

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