Lebo Hardware reported the cost of goods sold as follows:
|
2008
|
2009
|
| Beginning Inventory |
$24,560 |
$33,960 |
| Cost of goods purchased |
150,170
|
176,650
|
| Cost of goods available for sale |
174,730 |
210,610 |
| Ending inventory |
33,960
|
38,600
|
| Cost of goods sold |
$140,770
|
$172,010
|
Lebo made two errors: (1) 2008 ending inventory was overstatedby $3,450 and (2) 2009 ending inventory was understated $6,470.
Instructions
Compute the correct cost of goods sold for each year.