aughn Manufacturing reported these income statement data for a 2-year period. 2017 2016 Sales revenue $246,700 $190,450 Beginning inventory 43,240 35,100 Cost of goods purchased 211,980 173,640 Cost of goods available for sale 255,220 208,740 Less: Ending inventory 56,720 43,240 Cost of goods sold 198,500 165,500 Gross profit $48,200 $24,950 Vaughn Manufacturing 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 $7,770. 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? The cumulative effect on total gross profit for the two years is $ . Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT