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Question - Lebo Hardware reported cost of goods sold as follows.
2010
2011
Beginning inventory
$20,000
$30,000
Cost of goods purchased
150,000
175,000
Cost of goods available for sale
170,000
205,000
Ending inventory
30,000
35,000
Cost of goods sold
$140,000
$170,000
Lebo made two errors: (1) 2010 ending inventory was overstated $3,000, and (2) 2011 ending inventory was understated $6,000.
Required - Compute the correct cost of goods sold for each year?
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