Exercise 6-11 (Part Level Submission) Pharoah Company reported the following income statement data for a 2-year period. 2019 2018 $212,500 $258,000 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 35,000 190,500 225,500 45,000 180,500 $32,000 45,000 219,000 264,000 52,500 211,500 $46,500 Pharoah Company 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 $5,500. (a) Prepare correct income statement data for the 2 years. 2018 2019 Sales 212,500 258,000 Cost of goods sold Beginning inventory 35,000 Cost of goods purchased 190,500 Cost of goods available for sale 225,500 Ending inventory Cost of goods sold Gross profit LINK TO TEXT