Errors Inventory Counts The following information was taken from the records of Spencer Enterprises 2015 2016 55,000 75,000 Beginning inventory 540,000 500,000 Cost of goods purchased. 595,000 575,000 Cost of goods available for sale 85,000 55,000 Ending inventory. $510,000 $520,000 Cost of goods sold. The following two errors were made in the physical inventory counts: 1. 2015 ending inventory was overstated by $30,000. 2. 2016 ending inventory was understated by $18,000 Compute the correct cost of goods sold for both 2015 and 2016