Exercise 17 Oriole Company reported these income statement data for a 2-year period. 2017 2016 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold $271,000 42,900 201,320 244,220 49,570 194,650 $76,350 $202,170 30,180 179,300 209,480 42,900 166,580 $35,590 Gross profit Oriole Company uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 3t. by $8,740. 2016, is