9-3: Swell Company reported the following income statement data for a 2-year period. Sales Cost of goods sold Beginning inventory 2018 $260,000 2019 $320,000 32,000 44,000 Cost of goods purchased 193.000 225.000 Cost of goods available for sale 225,000 269,000 Ending inventory 44.000 52.000 Cost of goods sold 181.000 217.000 $79.000 $103.000 Gross profit Swell 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 $3,000. Instructions Prepare correct income statement data for the 2 years.