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Marigold Jawelry reportad the following income statement data for a 2-year period. Marigold uses a periodic imventory system. The invantories at January 1, 2019, and

image text in transcribed Marigold Jawelry reportad the following income statement data for a 2-year period. Marigold uses a periodic imventory system. The invantories at January 1, 2019, and December 31, 2020, are correct. However, the ending imentory at December 31, 2019, was understated HK\$63,000. Prepare corract income statement data for the 2 years. (b) What is the cumulative affect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is HKS

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