California Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,100. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be Data table Net Sales Revenue 58,000 Cost of Goods Sold: Beginning Merchandise Inventory 3,400 29,200 Net Cost of Purchases Cost of Goods Available for Sale 32,600 5,600 Less: Ending Merchandise Inventory 27,000 Cost of Goods Sold 31,000 Gross Profit Print Done Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,100. What are the correct amounts for cost of goods sold and gross profit? 2. How would the inventory error affect California Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2020, if the error is not corrected in 2019? Print Done