Novak Corp. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $217,500 $256,500 34,000 173,500 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 207,500 45,000 45,000 203,500 248,500 53,000 195,500 $61,000 162,500 $55,000 Novak Corp. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $6,000. Your answer is partially correct. Prepare correct income statement data for the 2 years. 2018 2019 Sales $ 217500 $ 256500 Cost of goods sold Beginning inventory 34000 45000 Cost of goods purchased 173500 203500 Cost of goods available for sale 207500 248500 Ending inventory 45000 53000 Cost of goods sold 162500 195500 Gross profit $ 55000 $ 61000