Crane Technologies Company reported the following income statement data for a 2-year period. Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 2022 $200,000 25,000 170,000 195,000 40,000 155,000 $45,000 2023 $250,000 40,000 202,000 242,000 45,000 197,000 $53,000 Crane uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct. However, the ending inventory at December 31, 2022, was overstated $4,000.

Crane Technologies Company reported the following income statement data for a 2 -vear period. Crane uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct. However, the ending inventory at December 31,2022 , was overstated $4,000. Prepare correct income statement data for the 2 years