2020 2021 Ending inventory $45,800 $58,3751 Cost of goods sold $359,000 $298,565 Errors were made in the calculation of inventory for both the 2020 and 2021 years. On November 30, 2020, inventory was overstated by $12,500. On November 30, 2021, inventory was understated by $5,800. Required: 1. Calculate the amount by which profit is overstated or understated for the year ended November 30, 2021 and indicate whether profit is overstated or understated. (2 marks) 2. Calculate the amount by which retained earnings is overstated or understated at November 30, 2021 and indicate whether retained earnings is overstated or understated. (2 marks)