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Exercise 6-16 Wildhorse Co. reported cost of goods sold as follows. 2017 2016 Beginning inventory...

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Exercise 6-16 Wildhorse Co. reported cost of goods sold as follows. 2017 2016 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 28,120 168,370 196,490 39,480 $157,010 20,500 164,580 185,080 28,120 $156,960 Wildhorse Co, made two errors: 1. 2016 ending inventory was overstated by $2,030 2. 2017 ending inventory was understated by $5,410 Compute the correct cost of goods sold for each year. 2016 2017 The correct cost of goods sold

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