ework (Required) Question 9, EF6-23 (similar to) Aunt Betty Bakery reported net sales revenue of $44,000 and cost of goods sold of $29,000. Compute Aunt Betty's correct gross profit if the company made either of the following independent accounting errors. a. Ending merchandise inventory is overstated by $7,000. b. Ending merchandise inventory is understated by $7,000. As Reported - Incorrect Net sales revenue $ 44,000 $ 29,000 Cost of goods sold Gross profit Cost of Goods Sold and Gross Profit Corrected for the Error Ending Merchandise Inventory: (a) Overstated by (b) Understated by $7,000 $7,000 44,000 $ 44,000