4. Linden Watch Company reported the following income statement data for a 2-year period. 2019 2020 Sales $280,000 $320.000 Cost of goods sold Beginning inventory 32,000 44.000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269.000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217.000 Gross profit $ 99,000 $103.000 Linden uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $5.000. You are asked to (a) Prepare correct income statement data for the 2 years (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? Note: Your answers should be received by Wednesday 15 April 2020, at 19 PM. Your answer should be submitted through Canvas (no email submission). Late submission will be penalized at the rate of 1016 of the total mark per day, for up days, at which time a mark of zero will be given here to search O