xxx Company starts with an opening inventory worth S$80,000 and makes purchases totaling $120,000. By the end of the accounting period, the remaining inventory is valued at $50,000. To calculate the cost of goods sold, we sum up the opening inventory and purchases and then subtract the ending inventory, giving us a total of $150,000. However, upon review, the company realizes that it failed to include $10,000 in the ending inventory. Therefore, an adjustment is needed to correct this oversight

Using the template, provide the original income statement and the new adjusted income statement