compute the correct cost of goods for for both 2012 and 2013

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013 2012 Beginning inventory $150,000 $140,000 Cost of goods purchased 510,000 490,000 Cost of goods available for sale 660,000 630,000 Ending inventory 145,000 150,000 Cost of goods sold $515,000 $480,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $19,000. 2. 2013 ending inventory was overstated by $14,000. Compute the correct cost of goods sold for both 2012 and 2013. 2013 2012 Cost of goods sold $ 121,000 X $ 49,000 x