Sheffield Corp. reported these income statement data for a 2-year period.

		2022		2021
Sales revenue		$227,600		$210,340
Beginning inventory		39,260		29,530
Cost of goods purchased		187,900		157,180
Cost of goods available for sale		227,160		186,710
Less: Ending inventory		60,080		39,260
Cost of goods sold		167,080		147,450
Gross profit		$60,520		$62,890

Sheffield Corp. 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 $7,850.