Aunt Martha Bakery reported net sales revenue of $50,000 and cost of goods sold of $24,000. Compute Aunt Martha's correct gross profit if the company made either of the following independent accounting errors. a. Ending merchandise inventory is overstated by $6,000. b. Ending merchandise inventory is understated by $6,000. Cost of Goods Sold and Gross Profit Corrected for the Error Ending Merchandise Inventory: As Reported Incorrect (a) Overstated by (b) Understated by $6,000 $6,000 Net sales revenue 50,000 $ 50,000 Cost of goods sold Gross profit 50,000 $ 24,000 Aunt Martha Bakery reported net sales revenue of $50,000 and cost of goods sold of $24,000. Compute Aunt Martha's correct gross profit if the company made either of the following independent accounting errors. a. Ending merchandise inventory is overstated by $6,000. b. Ending merchandise inventory is understated by $6,000. Cost of Goods Sold and Gross Profit Corrected for the Error Ending Merchandise Inventory: As Reported Incorrect (a) Overstated by (b) Understated by $6,000 $6,000 Net sales revenue 50,000 $ 50,000 Cost of goods sold Gross profit 50,000 $ 24,000