Question 1 Incorrect Mark 0.00 out of 1.00 Flag question Errors in Inventory Counts The following information was taken from the records of Hawk Enterprises: Beginning Inventory Year 1 Year 2 $75,000 $55,000 Cost of goods purchased 500,000 $40,000 Cost of goods available for sale 575,000 595,000 55,000 85,000 $520,000 $510,000 Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was overstated by $28,000 2. Year 2 ending inventory was understated by $17,000 Year 1 Year 2 Cost of Goods Sold $ Check 51F Clear Incorrect Mark 0.00 out of 1.00