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Examine 6-17 . Windsor, Inc. reported these income statement data for a 2-year period. 2017 2016 Sales revenue $229,900 $224,080 Beginning inventory 38,870 29,140 Cost of goods purchased M M 1 Cost of goods available for sale 232,610 213,780 ._ Less: Ending inventory 59,250 3 Cost of goods sold K 173,360 174,910 l - $56,540 $49,170 t .' Gross profit l, Windsor, Inc. uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are con '1 2016, is overstated by $7,840. l' Prepare correct income statement data for the 2 years. \\~ 2016 2017 * l, Sales $ $ . \\ Cost of goods sold \\ '1 \\ Beginning inventory ' ' l Cost of goods purchased MW-.. .l1, .1\" ,, \\ \\ m l Edam l -2017 ohn Wile QS'onsLm All Rights Reserved. A Division of John Wiley & Sons, Inc. i Cost of goods sold [(2 l Beginning inventory ' Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold ' l Gross profit $ $ * by Stugx '\\ l L What is the cumulative effect of the invento ry error on total gross profit for the 2 years? l l 1 l The cumulative effect on total gross prot for the two years is $ ' Click if you would like to Show Work for this question: Open Show Work Question Attempt