Question: Prepare correct income statement data for the 2 years. Cullumber Company uses a periodic inventory system. The inventories at January 1, 2026, and December 31,

Prepare correct income statement data for the 2 years. Cullumber Company uses a periodic inventory system. The inventories at January 1, 2026, and December 31, 2027, are correct. However, the ending inventory at December 31,2026 , is overstated by $5,500

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