Ivanhoe Company reported these income statement data for a 2-year period. 2024 2025 Sales revenue $203,120 $233,600 Beginning inventory 31,260 42,750 Cost of goods purchased 182,320 218,290 Cost of goods available for sale 213,580 261,040 Less: Ending inventory 42,750 57,910 Cost of goods sold 170,830 203,130 Gross profit $32,290 $30,470 Ivanhoe 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 $8,700. Prepare correct income statement data for the 2 years. Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased 2024 $ 203120 $ 2025 233600 31260 i 34050 i 182320 i 218290 i Cost of goods available for sale 213580 Less: Ending inventory Cost of goods sold Gross profit $ 252340 i 34050 i 57910 i 179530 23590 $ 194430 39170 (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? (Do not leave any answer field blank. Enter O for amounts.) The cumulative effect on total gross profit for the two years is $