Lebo Hardware reported the cost of goods sold as follows:
Beginning Inventory $20,000 $30,000
Cost of goods purchased 150,000
Cost of goods available for sale 170,000 205,000
Ending inventory 30,000
Cost of goods sold $140,000
Lebo made two errors: (1) 2010 ending inventory was overstated by $3,000 and (2) 2011 ending inventory was understated $6,000.
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