Exercise 6-11 (Part Level Submission) Concord Corporation reported the following income statement data for a 2-year period 2018 2019 Sales revenue $215,500 $252,000 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 32,000 174,500 206,500 44,500 162,000 $53,500 44,500 203,000 247,500 55,000 192,500 $59,500 Cost of goods sold Gross profit Concord Corporation uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $6,000