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Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises:...

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Accounting

Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013 2012 Beginning inventory $90,000 $80,000 Cost of goods purchased 450,000 430,000 Cost of goods available for sale 540,000 510,000 Ending inventory 85,000 90,000 Cost of goods sold $455,000 $420,000 The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was understated by $10,000. 2. 2013 ending inventory was overstated by $5,000. Compute the correct cost of goods sold for both 2012 and 201

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