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Problem - Crane Company reported cost of goods sold as follows.
2022
2021
Beginning inventory
$27,890
$18,260
Cost of goods purchased
187,110
155,510
Cost of goods available for sale
215,000
173,770
Less: Ending inventory
36,140
27,890
Cost of goods sold
$178,860
$145,880
Crane Company made two errors:
1. 2021 ending inventory was overstated by $2,180.
2. 2022 ending inventory was understated by $4,640.
Required - Compute the correct cost of goods sold for each year.
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