Question 12 View Policies Current Attempt in Progress Swifty Corporation reported the following income statement data for a 2 year period 2018 2019 Sales revenue $210,000 $259.500 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale 33,500 175,500 209,000 45,000 164.000 546,000 45.000 213,500 258.500 54,500 200.000 $55,500 Ending inventory Cost of goods sold Gross profit Swifty Corporation uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019are correct. However, the ending inventory at December 31, 2018, was overstated $5.500 Prepare correct income statement data for the 2 years. 2018 Sales Cost of goods sold Beginning inventory Prepare correct income statement data for the 2 years. 2018 2019 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit e Textbook and Media What is the cumulative effect of the inventory error on total gross pront for the 2 years? Cumulative effect of the inventory errors e Textbook and Media