Morton Watch Company reported the following income statement data for a 2-year period.

		2020		2021
Sales revenue		$260,000		$320,000
Cost of goods sold
Beginning inventory		32,000		44,000
Cost of goods purchased		193,000		225,000
Cost of goods available for sale		225,000		269,000
Ending inventory		44,000		57,000
Cost of goods sold		181,000		212,000
Gross profit		$79,000		$108,000

Mortan uses a periodic inventory system. The inventories at January 1, 2020, and December 31, 2021, are correct. However, the ending inventory at December 31, 2020, was overstated $5,000.

(a) Prepare correct income statement data for the 2 years. 2020 2021 $ $ $ $