The following information was taken from the records of Eli Lilly, a major pharmaceutical (dollars in millions).

Assume that ending inventory was overstated by $500 in 2010, understated by $150 in 2011, and overstated by $320 in 2012.

REQUIRED:
Compute the corrected cost of goods sold and net income for 2010, 2011, and 2012.

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2012 $22,603 4,796 $17,807 13,718 $ 4,089 2011 2010 Sales Cost of goods sold Gross profit Expenses Net income $24,287 $23,076 4,366 $19,219 $18,710 13,640 $4,348 5,070 5,068 14,871