Grandma Kate Bakery reported net sales revenue of $54,000 and cost of goods sold of $16,000. Compute Grandma Kate's correct gross profit if the company made either of the following independent accounting errors. a. Ending merchandise inventory is overstated by $4,000. b. Ending merchandise inventory is understated by $4,000. Cost of Goods Sold and Gross Profit Corrected for the Error Ending Merchandise Inventory: As Reported (a) Overstated (b) Understated Incorrect by $4,000 by $4,000 $ 54,000 $ 54,000 $ 54,000 16,000 Net sales revenue Cost of goods sold Gross profit Re