Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, is overstated by $7.670 Prepare correct income statement data for the 2 years 2021 2022 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 e Textbook and Media 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 5 eTextbook and Media