Swifty Corporation reported the following income statement data for a 2 y period. 2018 2019 Sales revenue $210.000 $759.500 Cost of goods sold Beginning inventory 33,500 175.500 45.000 213.500 Cost of goods purchased Cost of goods available for sale 258,500 209.000 45,000 Ending inventory 54,500 Cost of foods sold 164000 204 000 Gross profit $46,000 $55.500 Swifty Corporation uses a periodic ventory system. The inventories January 1 2016 and December 31, 2019 are correct. Howe nding inventory at December 31, 2018, was overstated $5.500 Prepare correct income statement data for the year Cost of goods sold Beginning inventory Cont of woods purchased Cost of goods available for sale Ending inventory Ending inventory Cost of goods sold Gross profit e Textbook and Media What is the cumulative effect of the inventory error on total gross profit for the 2 years? Cumulative effect of the inventory error $ e Textbook and Media Sve for Late