Waterway Industries reported cost of goods sold as follows. 2017 2016 Beginning inventory $ 31,730 $ 21,270 Cost of goods purchased 164,530 169,130 Cost of goods available for sale 196,260 190,400 Less: Ending inventory 39,380 31,730 Cost of goods sold $156,880 $158,670 Waterway Industries made two errors: 1. 2016 ending inventory was overstated by $2,100. 2. 2017 ending inventory was understated by $5,140. Compute the correct cost of goods sold for each year. 2016: 2017: