PRINTER VERSION smart watch company reported the followinginoome statement data for a 2-year period. Sales revenue $260,000 Cost of goods sold 44,000 Beginning inventory 34,000 Cost of goods purchased 183,000 212,000 Cost of goods available for sale 217,000 256,000 Ending inventory 44,000 52,000 173.000 204,000 Cost of goods sold Gross profit uses inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, overstated Prepare correct income statement data for the 2 years. Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit