Bonita Industries reported these income statement data for a 2-year period. 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $245,900 39,250 207,730 246,980 59,880 $197,000 30,650 185,110 215,760 39,250 176,510 187,100 $58,800 $20,490 Bonita Industries uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, is overstated by $8,440. Prepare correct income statement data for the 2 years. 2021 2022 Sales $ 197000 $ 245900 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $ $ What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is $ o