Innovation Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow:

Sales Revenue		$54,000
Cost of Goods Sold:
Beginning Merchandise Inventory	$3,400
Net Cost of Purchases	42,400
Cost of Goods Available for Sale	45,800
Less: Ending Merchandise Inventory	3,900
Cost of Goods Sold		41,900
Gross Profit		$12,100

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

Cost of Goods in 2019: $44,400

Gross Profit in 2019: $9,600

QUESTION:

How would the inventory error affect Innovation Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2020, if the error is not corrected in 2019?

Cost of goods sold for 2020 would be_____? by $______?

Gross Profit for 2020 would be _____? by $______?