1 1.1. L & T Company reported the following income 10 statement data for a 2-year period. 2018 2019 Sales $280,000 $320,000 Cost of goods sold Beginning 32,000 44,000 inventory Cost of goods 193,000 225,000 purchased Cost of goods 225,000 269,000 available for sale Ending 44,000 52,000 inventory Cost of goods 181,000 217,000 sold Gross profit $ 99,000 $103,000 L& T uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $6,000. Each step 1 mark Instructions (a) Prepare correct income statement data for the 2 years. (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years