2- Wolfe Bread reported the following income statement data for a 2-year period. 2007 Sales $210,000 2008 $250,000 Cost of Food Sold Beginning inventory 32,000 44,000 Cost of food purchased 173,000 202,000 Cost of food available 205,000 246,000 Ending Inventory 44.000 52,000 Cost of food sold 161,000 194,000 $ 49,000 $ 56,000 Gross Profit Wolfe uses a periodic inventory system. The inventories at Jan 1, 2007, and December 31, 2008 are correct. However, the ending inventory at December 31, 2007, was overstated by $3,000. Prepare the correct income statement data for the 2 years.