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, and

Crane Company uses a periodic inventory system. The inventories at January 1,

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. Prenare correct income statement data for the 2 years

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