Question 4 2017 2016 $250900 $198,630 38,880 31,990 185,130 167.190 Cost of goods available for sale 224,010 199,180 60,21038,880 163,800 160.300 $87,100 $38,330 Sales revenue Beginning inventory Cost of goods purchased Cost of goods sold Gross profit Coronado Industries uses a periodic inventory system. The inventories at January 1, 2016, and December 31.2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $7.440 Prepare correct income statement data for the 2 years. 2016 2017 What is the cumulative effect of the inventory error on total gross proft for the 2 years? The cumulative effect on total gross profit for the two years is $ e Textbook and Media Send to Gradebook 4 Previous