E6-23 (similar to) Mount Valley Bakery reported net sales revenue of $41,000 and cost of goods sold of $13,000. Compute Mount Valley's correct gross profit if the company made either of the following independent accounting errors a. Ending merchandise inventory is overstated by $3,000. b. Ending merchandise inventory is understated by $3,000. Cost of Goods Sold and Gross Profit Corrected for the Error Ending Merchandise Inventory: As Reported(a) Overstated(b) Understated Incorrect by $3.000 by $3,000 41,000 S Net sales revenue$ 41,000 $ 41,000 13,000 Cost of goods sold Gross proft E6A-26 (similar to)