Blue Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: 2024 2023 Sales $265,000 $244,000 Cost of goods sold 199,000 192,028 Gross profit $66,000 $51,972 The company reported inventory in the statement of financial position at $42,600, $52,700, and $50,800 at the end of 2022, 202 and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $7,320.