Sheffield Jewelry reported the following income statement data for a 2-year period. 2019 2020 Sales revenue HK$2,200,000 HK$2,530,000 Cost of goods sold Beginning inventory 334,000 444,500 Cost of goods purchased 1,890,000 2,145,000 Cost of goods available for sale 2,224,000 2,589,500 Ending inventory 444,500 537,000 Cost of goods sold 1,779,500 2,052,500 Gross profit HK$420,500 HK$477,500 Sheffield 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$66,000. Prepare correct income statement data for the 2 years. 2019 2020 Sales HK$ $2,200,000 HK$ 2,530,000 Cost of goods sold Beginning inventory 334,000 510500 Cost of goods purchased 1,890,000 2,145,000 Cost of goods available for sale 2,224,000 Ending inventory Cost of goods sold 1845500 Gross profit HK$ 477,500 HK$