Sunland Company reported these income statement data for a 2-year period 2017 2016 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $229,000 36,950 208,910 245,860 52,680 193,180 $35,820 $212,590 35,060 180,360 215,420 36,950 178,470 $34,120 Sunland Company 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 $7,900