Exercise 6-10

Swiftys Hardware reported cost of goods sold as follows.

		2019		2020
Beginning inventory		$ 15,000		$ 25,000
Cost of goods purchased		155,000		175,000
Cost of goods available for sale		170,000		200,000
Ending inventory		25,000		30,000
Cost of goods sold		$145,000		$170,000

Swiftys made two errors: (1) 2019 ending inventory was overstated $3,000, and (2) 2020 ending inventory was understated $5,000. Compute the correct cost of goods sold for each year.

		2019		2020
Cost of goods sold		$		$