1. What is the corrected cost of goods sold for 2020? 2. Did the understatement of ending inventory in 2020 cause the 2020 cost of goods sold to be overstated or understated? 3. What is the corrected cost of goods sold for 2021? 4. Did the understatement of ending inventory in 2020 cause the 2021 cost of goods sold to be overstated or understated? 5. Were any other years impacted by the 2020 $150 understatement of ending inventory? Why or why not? Data table 2022 2021 2020 2019 Beginning inventory $ 500 $ 550 $ 250 $ 650 + Purchases 900 1,100 1,350 1,000 = Cost of goods available $ 1,400 $ 1,650 $ 1,600 $ 1,650 Ending inventory 400 500 550 250 = Cost of goods sold $ 1,000 $ 1,150 $ 1,050 $ 1,400 Here is the original schedule of cost of goods sold for Thorpe Company for the years of 2019 through 2022: (Click the icon to view the original schedule of cost of goods sold.) During the preparation of its 2022 financial statements, Thorpe Company discovered that its 2020 ending inventory was understated by $150. Make the correction to the 2020 ending inventory and all other numbers in the schedule of cost of goods sold for any years affected and answer these questions. Make the correction to the 2020 ending inventory and all other numbers in the schedule of cost of goods sold for any years affected. Beginning inventory + Purchases = Cost of goods available - Ending inventory = Cost of goods sold 2022 2021 2020 2019