Question: Crane Company reported these income statement data for a 2 -year period, Crane Company uses a periodic inventory system. The inventories at January 1, 2024,

period, Crane Company uses a periodic inventory system. The inventories at January

1, 2024, and December 31, 2025, are correct. However, the ending inventory

Crane Company reported these income statement data for a 2 -year period, Crane Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are correct. However, the ending inventory at December 31,2024 , is overstated by $7,840. Prepare correct income statement data for the 2 years. What is the cumulative effect of the inventory error on total gross profit for the 2 years? (Do not leave any answer field blank. Enter O for amounts.) The cumulative effect on total gross profit for the two years is $

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