Refer to the data in BE6.13 for Smart Information Technology Company. Prior to making the adjustment in BE6.13 part (b), cost of goods sold for 2021 was $418,500. What is the correct ending inventory that should be reported on the balance sheet on December 31, 2021? What is the correct cost of goods sold that should be reported on the income statement for the year ended December 31, 2021?

BE6.13

Smart Information Technology Company has the following cost and net realizable value data at December 31, 2021:

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Inventory Categories Personal computers Cost Net Realizable Value $27,000 $21,500 Servers 18,000 19,500 Total solution printers 10,000 8,500