Below are sales revenue and cost of goods sold (COGS) for the Thomas Corporation for 2020 and 2021. 2020 2021 Sales revenue $10.000 $12.000 COGS: Beg inv. 1.000 1.500 Purchases 2000 8.500 COG Available 8.000 10,000 Ending inv. 6.500 6.500) (2.000) (8.000 Gross profit $3,500 $4.000 Thomas Corporation discovers that the ending inventory above for 2020 was understated by $700. The correct ending inventory on December 31, 2020 was $2.200 rather than $1.500, the correct gross profit for 2020 and 2021 would be: Gross profit in 2020 $4.200: in 2021 84.000 Gross proht in 2020 $2.800; in 2021 84.700. Gross proht in 2020 52,800; in 2021 53,300, Gross proht in 2020 54.200: in 2021 53,300