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Compute the correct cost of goods sold for each year

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Reference no: EM13497419

Lebo Hardware reported the cost of goods sold as follows:

2011

2012
Beginning Inventory $18,230 $29,080
Cost of goods purchased

150,650

171,550
Cost of goods available for sale 168,880 200,630
Ending inventory

29,080

35,440
Cost of goods sold

$139,800

$165,190

Lebo made two errors: (1) 2011 ending inventory was overstated by $3,340 and (2) 2012 ending inventory was understated $6,290.

Compute the correct cost of goods sold for each year.

Reference no: EM13497419

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