Assignment 06 Question 5 of 7 - / 8 E View Policies Current Attempt in Progress Splish Jewelry reported the following income statement data for a 2-year period. 2019 2020 Sales revenue HK$2,200,000 HK$2,510,000 Cost of goods sold Beginning inventory 346,000 449,500 Cost of goods purchased 1.860.000 2,121,000 Cost of goods available for sale 2.206,000 2,570,500 Ending inventory 449,500 537.000 Cost of goods sold 1,756,500 2.033,500 Gross profit HK$443,500 HK$476,500 Splish uses a periodic inventory systern. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was understated HK$63,000. Prepare correct income statement data for the 2 years. 2019 2020 Sales HK$ HK$ Assignment 06 | F11 | Question 5 of 7 - / 8 Splish uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was understated HK$63,000. Prepare correct income statement data for the 2 years. 2019 2020 Sales HK$ HK$ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit HK$ HK$ Assignment 06 Question 5 of 7 - / 8 E 2019 2020 Sales HK$ HK$ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit HK$ HK$ (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is HK$