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

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

Crane Company reported these income statement data for a 2 -year period. Crane Company uses a periodic inventory system. The imventories at January 1,2024, and December 31,2025 , are correct. However. the ending inventory at December 31,2024 , is overstated by $8,460. Prepare correct income statement data for the 2 years

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