Blue Spruce Hardware reported cost of goods sold as follows. Blue Spruce made two errors: 1. 2021 ending inventory was overstated $4,880. 2. 2022 ending inventory was understated $8,540. What correcting entry would Blue Spruce make for error (2)? (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)