(Answered) Problem - hamids hardware reported cost of goods sold as

Accounting

Problem - Hamid's Hardware reported cost of goods sold as follows.

	2016	2017
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

Hamid's made two errors: (1) 2016 ending inventory was overstated $3,150, and (2) 2017 ending inventory was understated $6,250.

Compute the correct cost of goods sold for each year.

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