Identify the errors in the following schedule of the cost of goods sold for the year ended May 31, 20Y5:

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Cost of goods sold: Inventory, May 31, 20Y5 .. Cost of merchandise purchased: Purchases .... Purchases returns and allowances. Purchases discounts.... Freight in.... Total cost of merchandise purchased.. $ 105,000 $ 1,110,000 55,000 30,000 (22,000) 1,173,000 Inventory available for sale... Inventory, June 1, 20Y4... Cost of goods sold before estimated returns. Estimated returns of this year's sales Cost of goods sold $ 1,278,000 (91,300) $ 1,186,700 43,300 $1,230,000