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Elliotts Hardware reported cost of goods sold as follows. 2016 2017 Beginning inventory $ 20,000 $ 30,000 Cost of goods purchased 150,000 175,000 Cost of

Elliotts Hardware reported cost of goods sold as follows.

2016

2017

Beginning inventory

$ 20,000

$ 30,000

Cost of goods purchased

150,000

175,000

Cost of goods available for sale

170,000

205,000

Ending inventory

30,000

35,000

Cost of goods sold

$140,000

$170,000

Elliotts made two errors: (1) 2016 ending inventory was overstated $3,000, and (2) 2017 ending inventory was understated $5,000. Compute the correct cost of goods sold for each year.image text in transcribed

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