QUESTION 3 IncorrectMark 0.00 out of 2.00 P Flag question Errors in Inventory Counts The following information was taken from the records of Spencer Enterprises: 55,000 $75,000 540,000 500,000 Cost of goods available for sale 595,000 575,000 5,000 55,000 $510,000 $520,000 Beginning inventory Cost of goods purchased 3-0000 Ending inventory The following two errors were made in the physical inventory counts 1.2015 ending inventory was overstated by $30,000. 2. 2016 ending inventory was understated by $18,000. Compute the correct cost of goods sold for both 2015 and 2016 2016 2015 Cost of goods sold 5,500,000 x4,620,000 x