Required:

 Calculate the correct ending inventory and cost of goods sold amounts for each year.

Culver Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2024 $167,000 37,600 2023 $155,400 30,000 Culver made two errors in 2023. It recorded a $4,400 inventory purchase in transit at the end of 2023 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2023.