Question: Kingbird, Inc. reported these income statement data for a 2-year period. Kingbird, Inc. uses a periodic inventory system. The inventories at January 1, 2021, and

Kingbird, Inc. reported these income statement data for a 2-year period. 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 $5,000. Kingbird, Inc. reported these income statement data for a 2-year period. 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 $5,000

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