Martinez Inc. reported the following partial statement of income data for the years ended December 31, 2021, and 2020:

		2021		2020
Sales		$ 270,000		$ 248,000
Cost of goods sold		210,000		197,160
Gross profit		60,000		50,840

The company reported inventory in the statement of financial position at $ 43,000, $ 51,300, and $ 49,700 at the end of 2019, 2020, and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the ending inventory at December 31, 2020, is understated by $ 8,432.

Question 7 of 9 -/1 = Martinez Inc. reported the following partial statement of income data for the years ended December 31, 2021, and 2020: 2021 2020 Sales $ 270,000 $ 248,000 Cost of goods sold 210,000 197.160 Gross profit 60,000 50.840 The company reported inventory in the statement of financial position at $ 43,000, $ 51,300, and $ 49,700 at the end of 2019, 2020, and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the ending inventory at December 31, 2020, is understated by $ 8,432 (a) Prepare correct statements of income for 2020 and 2021 through to gross profit. 2021 2020 Sales 270000 248000 Cost of goods sold