Prepare correct income statement data for the 2 years. 2022 2021 Sales $ TA 250000 $ 200000 Cost of goods sold Beginning inventory 36000 25000 Cost of goods purchased 202000 170000 Cost of goods available for sale 238000 195000 45000 36000 Ending inventory 193000 159000 Cost of goods sold $ 57000 41000 Gross profit What is the cumulative effect of the inventory error on total gross profit for the 2 years? Cumulative effect of the inventory error $ Crane Watch Company reported the following income statement data for a 2-year period. 2022 2021 Sales revenue $250,000 $200,000 40.000 25,000 202.000 170,000 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 242,000 195,000 40,000 45,000 197,000 155,000 $53,000 $45.000 Crane 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, was overstated $4,000