Tamarisk, Inc. reported these income statement data for a 2-year period. 2017 2016 Sales revenue $254,200 $189,210 Beginning inventory 41,950 32,580 202,660 155,910 Cost of goods purchased Cost of goods available for sale 244,610 188,490 60,390 41,950 Less: Ending inventory 184,220 146,540 Cost of goods sold $69,980 $42,670 Gross profit Tamarisk, Inc. 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 $8,630 Prepare correct income statement data for the 2 years. 2016 2017 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit LINK TO TEXT What is the cumulative effect of the inventory error on total gross profit for the 2 years?
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