Nash Jewelry reported the following income statement data for a 2-year period.

	2019	2020
Sales revenue	HK$2,130,000	HK$2,540,000
Cost of goods sold
Beginning inventory	344,000	441,000
Cost of goods purchased	1,730,000	2,161,000
Cost of goods available for sale	2,074,000	2,602,000
Ending inventory	441,000	538,000
Cost of goods sold	1,633,000	2,064,000
Gross profit	HK$497,000	HK$476,000

Nash uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was understated HK$70,000.

A/ Prepare correct income statement data for the 2 years.

B/ What is the cumulative effect of the inventory error on total gross profit for the 2 years?