Waters Hardware reported cost of the goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2020 $30,000 220,000 250,000 40,000 $210,000 2021 $40,000 245,000 285,000 45,000 $240,000 S Waters made two errors: (1) 2020 ending inventory was overstated $5,000, and (2) $8,000. OP >MOR

Waters Hardware reported cost of the goods sold as follows. Waters made two errors: (1) 2020 ending inventory was overstated $5,000, and (2) 2021 ending inventory was understated $8,000. Compute the correct cost of goods sold for each year