Ivanhoe Company reported these income statement data for a 2-year period. 2017 2016 Sales revenue $274,600 $229,250 Beginning inventory 36,430 29,000 Cost of goods purchased 218,030 156,920 Cost of goods available for sale 254,460 185,920 Less: Ending inventory 49,780 36,430 Cost of goods sold 204,680 149,490 Gross profit $69,920 $79,760 Ivanhoe 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 $7,920.

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 $ $. ______________. _______________