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Blossom Company reported these income statement data for a 2-year period. Sales revenue Beginning inventory...

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Accounting

Blossom Company reported these income statement data for a 2-year period. Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit 2024 $221,390 28,890 174,990 203,880 36,380 167,500 $53,890 2025 $254,900 36,380 186,300 222,680 53,280 169,400 $85,500 Blossom Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are correct. However, the ending inventory at December 31, 2024, is overstated by $8,580.
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Blossom Company reported these income statement data for a 2 -year period. Blossom Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are correct. However, the ending inventory at December 31,2024 , is overstated by $8,580. Prepare correct income statement data for the 2 years. eTextbook and Media Attempts: 2 of 6 used (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? (Do not leave any answer field blank. Enter O for amounts) The cumulative effect on total gross profit for the two years is $

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