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Colins Carpentry reported its 2021 financial statements on February 25, 2022. After issuing its financial statements, the company discovered that its ending inventory was understated

Colins Carpentry reported its 2021 financial statements on February 25, 2022. After issuing its financial statements, the company discovered that its ending inventory was understated by $120,000. The companys tax rate is 25%. As a result of this error, cost of goods sold for 2021 was:

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