Question: Cullumber Compary 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

Cullumber Company uses a periodic inventory system. The inventories at January 1,2024,

Cullumber Compary 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. Howtiver, the ending imventory at December 31;2024, is overstated by $7,920 2024 2025 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods avallable for sale Less: Endinginventory Cost of goods sold Gross profit

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