Hello,

Can you please show me step by step how to calculate the correct cost of goods sold for year 2022 with the ending inventory being Understated by $4860.

Thank you

Kingbird, Inc. reported cost of goods sold as follows. 2021 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28.040 188,840 216,880 38,660 $178.220 $ 19,250 161,070 180.320 28.040 $152.280 Kingbird, Inc. made two errors: 1. 2021 ending inventory was overstated by $1,840. 2022 ending inventory was understated by $4,860. 2. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods sold $ 154120 $ e Textbook and Media