weigh E6-5A. Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: Beginning inventory Cost of goods purchased .. Cost of goods available for sale. Ending inventory. Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $8,000. 2. Year 2 ending inventory was overstated by $4,000. Compute the correct cost of goods sold for both years. Year 1 $ 50,000 400,000 Year 2 $ 60,000 420,000 450,000 480,000 60,000 55,000 $390,000 $425,000 LO3

5A. Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $8,000. 2. Year 2 ending inventory was overstated by $4,000. Compute the correct cost of goods sold for both years