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 Sogang retail shop prepared the following analysis of cost of goods sold for the previous three years: 2017 2018 2019 Beginning inventory 1/1 $40,000 $18,000 $25

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 Sogang retail shop prepared the following analysis of cost of goods sold for the previous three years: 2017 2018 2019 Beginning inventory 1/1 $40,000 $18,000 $25.000 Cost of goods purchased 50,000 55,000 70.000 Cost of goods available for sale 90,000 73.000 95,000 Ending inventory 12/31 18.000 25.000 40.000 Cost of goods sold $72,000 $48.000 $55,000 Gross profit for the years 2017, 2018, and 2019 was $70,000, $60,000, and $65,000, respectively. Sogang retail shop hired a new accountant and the new accountant determined the following: a. Purchases of $20,000 were not recorded in 2017. b. The 2017 December 31 inventory should have been $21,000. c. The 2018 ending inventory included inventory costing $8,000 that was purchased FOB destination and in transit at year end. Determine the correct gross profit for each year.