Below are the income statements for Campbell’s Camping Ltd for the year ended 31 December for 2 years.

	2015					2016
Sales revenue			$325000				$400000
Cost of sales: Beginning inventory Purchases			68000 200000				100000 220000
Goods available for sale Ending inventory			268000 100000				320000   90000
Cost of sales			168000				230000
Gross profit Other expenses			157000   91000				170000   99000
Profit			$  66000				$  71 000

The following information has been discovered concerning 2015:

1. On 23 December, Campbell’s Camping Ltd recorded goods purchased at a cost of $2000 plus GST. The terms were EXW. The goods were delivered by the seller to the transport company on 27 December. The goods were not included in the Ending inventory because they had not arrived.

2. Campbell’s Camping Ltd sells goods that it does not own on a consignment basis. Consigned goods on hand at year-end were included in inventory at a cost of $6000 (excluding GST).

3. A purchase of goods worth $4500 plus GST was made in December, but not recorded until January. The goods were received on 28 December and included in the physical inventory.

4. A sale of goods costing $2000 net of GST was made and recorded in December. Since the buyer requested that the goods be held for later delivery, the items were on hand and included in inventory at year-end.

5. Campbell’s Camping Ltd sold goods costing $1400 for $2000 plus GST on 26 December. The terms were DDP. The goods arrived at the destination in January. The sale was recorded in 2015, and the goods were excluded from the Ending inventory.

Required

A. Determine the correct Ending inventory figure for 31 December 2015.

B. Prepare revised income statements for 2015 and 2016.

C. Determine the total profit for the 2-year period, both before and after the revisions. Why are these figures similar or different?