Duvall Timber Company incorrectly recorded inventory in 2021. Rather than recording ending inventory as $1,750, Duvali's accounting manager entered \$2,750. An inventory summary for 2021 and 2022 follows. (Click the icon to view the inventory summary) Requirement a. Prepare an analysis of this error over the 2-year period, recommend any correcting entries required to correct the inventory error, and comment on the effect of the error on gross profit. Assume that Duvall discovered the error in 2022 before closing the books. Let's begin by preparing the analysis of the inventory error in the following schedule. (Use a minus sign or parentheses for any numbers to be subtracted.) Next, prepare the correcting entry required to correct the inventory error. (Record debiis first, then credits. Exclude explanations from any journal entries. If no entry is required select "No Entry Required" on the first line of the journal entry table and leave all remaining fields in the table blank.) Now, comment on the effect of the error on gross profit. The error gross profit by in 2021 and in 2022. The error after the 2-year period is completed. Requirement b. What correcting entries are necessary if Duvall discovered the error in 2023 after closing the books for 2022 ? (Record debits hen credits. Exclude explanations from any journal entries. If no entry is required select "No Entry Required" on the first line of the journal entry and leave all remaining fields in the table blank.) Inventory Summary