Sheridan Company reported these income statement data for a 2-year period. 2024 2025 Sales revenue $229,210 $254,400 Beginning inventory 29,120 36,900 Cost of goods purchased 175,360 208,480 Cost of goods available for sale 204,480 245,380 Less: Ending inventory 36,900 50,710 Cost of goods sold 167,580 194,670 Gross profit $61,630 $59,730 Sheridan Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are con However, the ending inventory at December 31, 2024, is overstated by $7,780.