Kingbird. Inc. reported these income statement data for a 2-year period. 2022 2021 Sales revenue $233,600 $203,120 Beginning inventory 42,750 31.260 Cost of goods purchased 218.290 182,320 Cost of goods available for sale 261,040 213.580 Less: Ending inventory 57,910 42.750 Cost of goods sold 203.130 170.830 Gross profit $30.470 $32.290 Kongbird, Inc. uses a periodic inventory system. The inventories at January 1.2021 and December 31, 2022. are correct However the ending inventory at December 31, 2021, is overstated by $8.700