Exercise 6-17 Oriole Company reported these income statement data for a 2-year period. 2017 2016 $271,000 $202,170 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit 42,900 30,180 201,320 179,300 244,220 49,570 94,650 $76,350 209,480 42,900 166,580 $35,590 Oriole Company uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $8,740