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Bonita Industries reported cost of goods sold as follows. 2017 2016 Beginning inventory $30,230 $18,000 Cost of goods purchased $183,920 $163,730 Cost of goods available
Bonita Industries reported cost of goods sold as follows.
2017 2016
Beginning inventory $30,230 $18,000
Cost of goods purchased $183,920 $163,730
Cost of goods available for sale $214,150 $181730
Less: Ending inventory 35,380 30,230
Cost of goods sold$178,770 $151,500
Bonita Industries made two errors:
1.2016 ending inventory was overstated by $1,910.2.
2017 ending inventory was understated by $5,320.
Compute the correct cost of goods sold for each year.
Can someone help me with how to get the answer.
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