Lebo Hardware reported the cost of goods sold as follows:
|
2008 |
2009 |
|
|
Beginning Inventory |
20,000 |
30,000 |
|
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 |
Lebo made two errors: (1) 2008 ending inventory was overstated by $3,000 and (2) 2009 ending inventory was understated $6,000.
Instructions
Compute the correct cost of goods sold for each year.