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Lebo Hardware reported the cost of goods sold as follows:
2008
2009
150,170
176,650
33,960
38,600
$140,770
$172,010
Lebo made two errors: (1) 2008 ending inventory was overstatedby $3,450 and (2) 2009 ending inventory was understated $6,470.
Instructions
Compute the correct cost of goods sold for each year.
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