Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning inventory$123,500? $130,700? Cost of goods purchased 250,700? 278,500? Cost of goods available for sale 374,200? 409,200? Ending inventory 130,700? 135,700? Cost of goods sold$243,500? $273,500? Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,700 and 2) ending inventory at the end of Year 2 was overstated by $6700. Given this information, the correct cost of goods sold figure for Year 2 would be:
A. $295,900
B. $289,200
C. $266,800
D. $280,200
E. $252,500
Answer: A
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