The following information was taken from the records of Spencer Enterprises:

	Year 2	Year 1
Beginning inventory	$55,000	$75,000
Cost of goods purchased	540,000	500,000
Cost of goods available for sale	595,000	575,000
Ending inventory	85,000	55,000
Cost of goods sold	$510,000	$520,000

The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was overstated by $25,000. 2. Year 2 ending inventory was understated by $20,000. Compute the correct cost of goods sold for both years.

	Year 2	Year 1
Cost of goods sold	Answer	Answer