Question 4 --/1 View Policies Current Attempt in Progress Blossom Company reported these income statement data for a 2-year period. 2022 2021 $259,400 $224,180 Sales revenue Beginning inventory 43,880 31,380 Cost of goods purchased 205,400 166,250 Cost of goods available for sale 249,280 197,630 Less: Ending inventory 59,150 43,880 Cost of goods sold 190,130 $69,270 153,750 $70,430 Gross profit Blossom Company 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, is overstated by $8,700. Prepare correct income statement data for the 2 years. 2021 2022 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $ e Textbook and Media What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is $ e Textbook and Media