Blossom Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Blossom Company show the following data 2021 2020 2019 Income statement: Sales $340,000 233,000 $325,000 $360,000 Cost of goods sold Operating expenses 230,000 276,000 79,000 79,000 79,000 Balance sheet: Merchandise inventory 56,000 46,000 35,000 After its July 31, 2021. year end, Blossom discovered two errors: 1. At July 31, 2020, Blossom had $10,000 of goods held on consignment at another company tRat were not included in the physical count. 2. In July 202O, Blossom recorded a $15,000 inventory purchase on account that should have been recorded in August 2020.