Innovation Pool Supplies' merchandise inventory data for the year ended December $31,2025,$ follow:

$($Click the icon to view the inventory data.$)$

Read the requirements.

Requirement $1.$ Assume that the ending merchandise inventory was accidentally overstated by $$2,500.$ What are the correct amounts for cost of goods sold and gross profit?

Cost of goods sold in $2025$ would be

Data table

$\backslash$table$[[$Net Sales Revenue,,,$$,59,000],[$Cost of Goods Sold:$],[$Beginning Merchandise Inventory,$$,5,100,,],[$Plus: Net Cost of Inventory Purchased,,$33,700,,],[$Cost of Goods Available for Sale,,$38,800,,],[$Less: Ending Merchandise Inventory,,$6,500,,],[$Cost of Goods Sold,.,,,$32,300],[$Gross Profit,,,$$,26,700]]$

Requirements

Assume that the ending merchandise inventory was accidentally overstated by $$2,500.$ What are the correct amounts for cost of goods sold and gross profit?

How would the inventory error affect Irnovation Pool Supplies' cost of goods sold and gross profit for the year ended December $31,2026,$ if the error is not corrected in $2025?$

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