Problem 6-11B Analysis of inventory errors @ 105, 9 Incorrect Income Statement Information For Years Ended December 31 Corrected Income Statement Information For Years Ended December 31 2020 % 2021 % 2020 % 2021 % Sales.... Cost of goods sold. Gross profit..... $671,000 402,600 $268,400 100 $835,000 100 60 417,500 50 40 $417,500 50 In comparing income statement information for the years ended December 31, 2020 and 2021, the owner noticed an increase in the gross profit. He was puzzled because he knew that inventory costs were increasing. Page 461 A detailed review of the records showed the following: a. Goods with a cost of $37,500 were on consignment at another location. Through an error, they were not included in the inventory of December 31, 2020. b. $ 16,000 of merchandise inventory purchased on December 25, 2021, was shipped FOB shipping point and received on January 6, 2022. It was not included in inventory on December 31, 2021, in error. c. While performing the physical inventory count on December 31, 2021, a calculation error was discovered that caused inventory on hand to be overstated by $24,500