Question: Bramble Corp. reported these income statement data for a 2-year period. 2017 2016 Sales revenue $256,200 $223,560 Beginning inventory 39,930 33,610 Cost of goods purchased

Bramble Corp. reported these income statement data for a 2-year period.

2017

2016

Sales revenue

$256,200

$223,560

Beginning inventory

39,930

33,610

Cost of goods purchased

212,930

173,260

Cost of goods available for sale

252,860

206,870

Less: Ending inventory

57,060

39,930

Cost of goods sold

195,800

166,940

Gross profit

$60,400

$56,620

Bramble Corp. 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 $7,670.

Prepare correct income statement data for the 2 years.

2016

2017

Sales

$enter a dollar amount $enter a dollar amount

Cost of goods sold

Beginning inventory

enter a dollar amount

enter a dollar amount

Cost of goods purchased

enter a dollar amount enter a dollar amount

Cost of goods available for sale

enter a dollar amount

enter a dollar amount

Less:

Ending inventory

enter a dollar amount enter a dollar amount

Cost of goods sold

enter a dollar amount enter a dollar amount

Gross profit

$enter a dollar amount $enter a dollar amount

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