2013	2012
Beginning inventory	$170,000	$160,000
Cost of goods purchased	530,000	510,000
Cost of goods available for sale	700,000	670,000
Ending inventory	165,000	170,000
Cost of goods sold	$535,000	$500,000

The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $21,000. 2. 2013 ending inventory was overstated by $16,000. Compute the correct cost of goods sold for both 2012 and 2013.

	2013	2012
Cost of goods sold	Answer	Answer