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Crane's Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $25,000 $15,000 Cost of goods purchased 145,000 125,000 Cost of goods
Crane's Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $25,000 $15,000 Cost of goods purchased 145,000 125,000 Cost of goods available for sale 170,000 140,000 Ending inventory 30,000 25,000 Cost of goods sold $140,000 $115,000 Crane's made two errors: (1) 2021 ending inventory was overstated $4,000, and (2) 2022 ending inventory was understated $6,000 Compute the correct cost of goods sold for each year. 2022 Cost of goods sold $ $ 2021
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