2017 2016 $256,200 $223,560 Sales revenue Beginning inventory 39,930 33,610 Cost of goods purchased 212.930 173.260 Cost of goods available for sale 252,860 206,870 Less: Ending inventory 57,060 39.930 Cost of goods sold 195,800 166,940 Gross profit $60,400 $56,620 Bramble Corp. uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $7,670. (a) - Your answer is partially correct. Prepare correct income statement data for the 2 years. 2016 2017 Sales $ 223560 $ 256200 Cost of goods sold Beginning inventory 33610 | 39930 39930 Cost of goods purchased 173260 212930 Cost of goods available for sale 206870 252860 Less: Ending inventory 32260 i 57060 Cost of goods sold 174610 166940 Gross profit $ 48950 $ 60400