Kingbird Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Cost of goods sold LA 2027 $ $ 31,000 200,000 231,000 35,000 $196,000 2026 2027 $ 22,500 Kingbird made two errors: 1. 2026 ending inventory was overstated by $3,300. 2. 2027 ending inventory was understated by $6,500. Compute the correct cost of goods sold for each year. 153,000 175,500 31,000 $144,500 $ 2026

Kingbird Hardware reported cost of goods sold as follows. Kingbird made two errors: 1. 2026 ending inventory was overstated by $3,300. 2. 2027 ending inventory was understated by $6,500. Compute the correct cost of goods sold for each year