Holcomb Company reported these income statement data for a 2-year period. 2014 2013 Sales revenue $337,750 $283,710 Beginning inventory 54,040 43,232 Cost of goods purchased 272,902 233,723 Cost of goods available for sale 326,942 276,955 Less: Ending inventory 74,305 54,040 Cost of goods sold 252,637 222,915 Gross profit $85,113 $60,795 Holcomb Company uses a periodic inventory system. The inventories at January 1, 2013, and December 31, 2014, are correct. However, the ending inventory at December 31, 2013, is overstated by $10,808.
Prepare correct income statement data for the 2 years.
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2013
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2014
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Sales
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$
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$
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Cost of goods sold
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Beginning inventory
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Cost of goods purchased
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Cost of goods available for sale
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Less:
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Ending inventory
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Cost of goods sold
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Gross profit
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$
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$
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