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Ivanhoe Company reported these income statement data for a 2-year period. Ivanhoe Company uses a periodic inventory system. The inventories at January 1, 2024, and

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Ivanhoe Company reported these income statement data for a 2-year period. Ivanhoe Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are correct. However, the ending inventory at December 31,2024 , is overstated by $8,700. Prepare correct income statement data for the 2 years

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