Exercise 6-10

Exercise 6-10 Pina Colada's Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory $ 21,500 $ 34,000 Cost of goods purchased 153,000 189,500 Cost of goods available for sale 174,500 223,500 Ending inventory 34,000 36,500 Cost of goods sold $140,500 $187,000 Pina Colada's made two errors: (1) 2019 ending inventory was overstated $3,200, and (2) 2020 ending inventory was understated $6,200. Compute the correct cost of goods sold for each year. 2019 2020 Cost of goods sold $