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Crane Company reported the following amounts for its cost of goods sold and ending inventory: 2021 2020 Cost of goods sold $170,000 $175,000 Ending

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Crane Company reported the following amounts for its cost of goods sold and ending inventory: 2021 2020 Cost of goods sold $170,000 $175,000 Ending inventory 30,000 30,000 Crane made two errors: (1) 2020 ending inventory was overstated by $9,500, and (2) 2021 ending inventory was understated by $8,000.

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