UNIVERSITI Read the questions carefully and answer accordingly 1. L&T Company reported the following income statement data for a 2-year period. 2018 $280,000 2019 $320,000 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 32,000 193,000 225,000 44,000 181,000 $ 99,000 44,000 225,000 269,000 52,000 217,000 $103,000 L&T uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $6,000. Each step 1 mark ata for the 2 yorum total gros Instructions (a) Prepare correct income statement data for the 2 years. (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? (a)