Blossom Company reported the following income statement data for a 2-year period.

		2019		2020
Sales revenue		$211,000		$255,000
Cost of goods sold
Beginning inventory		32,500		44,500
Cost of goods purchased		173,000		203,500
Cost of goods available for sale		205,500		248,000
Ending inventory		44,500		55,000
Cost of goods sold		161,000		193,000
Gross profit		$50,000		$62,000

Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $5,000.

Prepare correct income statement data for the 2 years. 2019 2020 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Click if you would like to Show Work for this question: Open Show Work