Here is the original schedule of cost of goods sold for Truman Company for the years of 2019 through 2022: (Click the icon to view the original schedule of cost of goods sold.) During the preparation of its 2022 financial statements, Truman Company discovered that its 2020 ending inventory was understated by $225. Make the correction to the 2020 ending inventory and all other numbers in the schedule of cost of goods sold for any years affected and answer these questions. Make the correction to the 2020 ending inventory and all other numbers in the schedule of cost of goods sold for any years affected. Beginning inventory + Purchases = Cost of goods available - Ending inventory = Cost of goods sold Data table 2022 2021 2020 2019 2022 2021 2020 2019 Beginning inventory $ 300 $ 400 $ 550 $ 250 + Purchases 1,050 950 1,300 1,450 = Cost of goods available $ 1,350 $ 1,350 $ 1,850 $ 1,700 - Ending inventory 650 300 400 550 = Cost of goods sold $ 700 $ 1,050 $ 1,450 $ 1,150 - Questions 1. What is the corrected cost of goods sold for 2020? 2. Did the understatement of ending inventory in 2020 cause the 2020 cost of goods sold to be overstated or understated? 3. What is the corrected cost of goods sold for 2021? 4. Did the understatement of ending inventory in 2020 cause the 2021 cost of goods sold to be overstated or understated? 5. Were any other years impacted by the 2020 $225 understatement of ending inventory? Why or why not? Print Done -