Compute the correct cost of goods sold for each year.

Hamid"s Hardware reported cost of goods sold as follows.

2013

2014

Beginning inventory

$ 20,000

$ 301000

Cost of goods purchased

150,000

175,000

Cost of goods available for sale

170,000

205,000

Ending inventory

30,000

35,000

Cost of goods sold

$140,000

$170,000

Hamid"s made two errors: (1) 2013 ending inventory was overstated $3,000, and (2) 2014 ending inventory was understated $6,000.

Instructions

Compute the correct cost of goods sold for each year.

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