Current Attempt in Progress Splish Jewelry reported the following income statement data for a 2-year period. 2019 2020 Sales revenue Cost of goods sold HK$2,200,000 HK$2.510,000 Beginning inventory 346,000 449,500 Cost of goods purchased 1.860.000 2.121,000 Cost of goods available for sale 2,206,000 2,570,500 Ending inventory 449,500 537,000 Cost of goods sold 1,756.500 2,033,500 Gross profit HK$443.500 HK$476,500 Splish 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 understated HK$63,000. Prepare correct income statement data for the 2 years. 2019 Sales HK$ HK$ Cost of goods sold. 2020 Prepare correct income statement data for the 2 years. 2019 Sales HK$ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit eTextbook and Media HKS HK$ HK$ 2020 eTextbook and Media (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is HK$ eTextbook and Media Attempts: 0 of 3 used Submit