Whispering Winds Corp. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $217,500 $250,000 Cost of goods sold Beginning inventory 33,000 44,000 Cost of goods purchased 178,000 209,000 Cost of goods available for sale 211,000 253,000 Ending inventory 44,000 52,500 Cost of goods sold 167,000 200,500 Gross profit $50,500 $49,500 Whispering Winds Corp. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $5,500.
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Whispering Winds Corp. reported the following income statement data for a 2-year period. 2018 2019 S...
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