Sheld Watch Company reported the following income statement data for a 2 year period 2019 2020 $200,000 Sales revenue Cost of goods sold $270,000 33,000 114,000 207.000 Cost of goods wallable for sale Ending inventory Cost of goods sold Gross profit 42.000 203,000 245.000 55,000 190.000 80 000 165,000 She s a periodic inventory system. The inventores at January 1, 2019, and December 31, 2029. correct. However the ending inventory at December 1, 2019, was overstated $7.000 2019 2020 Cost of goods sold Beginning inventory