Indigo Corporation reported these income statement data for a 2-year period.

Indigo Corporation reported these income statement data for a 2-year period 2017 02016 Sales revenue $248,200 $222,970 Beginning inventory 38,450 29,300 198,850 166,240 Cost of goods available for sale 237,300 195,540 54,490 38,450 182,810 157,090 $65,390 $65,880 Cost of goods purchased Less: Ending inventory Cost of goods sold Gross profit Indigo Corporation 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 $7,460. Prepare correct income statement data for the 2 years. 2016 2017 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit eTextbook and Media What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is $ eTextbook and Media