Answer:
2019 - $437,000; 2018 - $382,000
Explanation:
The computation of the correct cost of goods sold for both 2018 and 2019 is shown below:
For 2019
= Beginning inventory + Cost of goods purchased - Ending inventory
= $68,000 + $420,000 - $51,000
= $437,000
For 2018
= Beginning inventory + Cost of goods purchased - Ending inventory
= $50,000 + $400,000 - $68,000
= $382,000
In 2019
Beginning inventory = $60,000 + $8,000 = $68,000
Ending inventory = $55,000 - $4,000 = $51,000
In 2018
Ending inventory = $60,000 + $8,000 = $68,000
