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.