2018 2019 beginning inventory $ 21,000 $ 32,500 cost of goods purchased 151,500 187,500 cost of goods available for sale 172,500 220,000 ending inventory 32,500 35,500 cost of goods sold $140,000 $184,500 bramble’s made two errors: (1) 2018 ending inventory was overstated $3,150, and (2) 2019 ending inventory was understated $6,250. compute the correct cost of goods sold for each year.

Real COGS  143,150   178,250

Explanation:

When overstated, it means an inventory with a book value of 100 is really 95

When understated, it means an inventory with a book value of 100 is really 105

This makes the COGS lower than it should in the first case

and higher than it should in the second

Notice:

Because of 2018 adjustment, beginning and availalbe good must be recalculate for 2019

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