1 Incorrect Mark 0.00 out of 3.00 Flag question Errors in Inventory Counts The following information was taken from the records of Spencer Enterprises: Beginning inventory Cost of goods purchased 2013 2012 $71,000 $91,000 556,000 516,000 Cost of goods available for sale 627,000 607,000 Ending inventory Cost of goods sold 101,000 71,000 $526,000 $536,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $25,000. 2. 2013 ending inventory was understated by $20,000. Compute the correct cost of goods sold for both 2012 and 2013. Cost of goods sold $ 2013 506,000 $ 2012 511,000 x Check