Kingbird, Inc. reported these income statement data for a 2-year period 2022 2021 Sales revenue $233,600 $203,120 Beginning inventory 42,750 31,260 Cost of goods purchased 218,290 182.320 Cost of goods available for sale 261,040 213,580 Less: Ending inventory 57,910 42,750 Cost of goods sold 203,130 170,830 Gross profit $30,470 $32,290 Kingbird, Inc. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, is overstated by $8,700.