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

Cullumber Company reported these income statement data for a 2 -year period. Cullumber Company uses a periodic inventory system. The inventories at January

Cullumber Company reported these income statement data for a 2 -year period. Cullumber 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 $7,920. Prebare correct income statement data for the 2 vears

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