Lebo Hardware reported the cost of goods sold as follows:
| 2008 | 2009 | |
| 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) 2008 ending inventory was overstated by $3,000 and (2) 2009 ending inventory was understated $6,000.
Instructions
Compute the correct cost of goods sold for each year.
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