Question 3 of 13 < > View Policies Current Attempt in Progress Vaughn Jewelry reported the following income statement data for a 2-year period. 2019 2020 Sales revenue HK$2,190,000 HK$2,530,000 Cost of goods sold Beginning inventory 350,000 443,000 Cost of goods purchased 1,840,000 2,187,000 Cost of goods available for sale 2,190,000 2,630,000 Ending inventory 443,000 533,000 Cost of goods sold 1,747,000 2,097,000 Gross profit HK$443,000 HK$433,000 -/ Vaughn uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was understated HK$64,000.