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Question - Seles Hardware Limited reported the following amounts for its cost of goods sold and merchandise inventory:
2012
2011
Cost of goods sold
$170,450
$156,010
Ending inventory
38,050
32,740
Seles made two errors: (1) ending inventory for 2012 was overstated by $2,460 and (2) ending inventory for 2011 was understated by $7,076.
Calculate the correct ending inventory and cost of goods sold amounts for each year.
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