need help with part b

Sheffield Inc. reported the following partial statement of income data for the years ended December 31, 2021, and 2020: Sales Cost of goods sold Gross profit 2021 $263,000 204,000 59,000 2020 $254,000 199,390 54,610 The company reported inventory in the statement of financial position at $46,000, $49,500, and $48,000 at the end of 2019,20 and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the ending inventory at Decemb 31, 2020, is understated by $7,620. (a) Your answer is correct. Prepare correct statements of income for 2020 and 2021 through to gross profit. 2021 2020 Sales $ 263000 $ 254000 Cost of goods sold 211620 i 191770 i Gross profit $ 51380 $ 62230 e Textbook and Media (b) What is the cumulative effect of the inventory error on total gross profit for these two years? Cumulative effect of the inventory error on total gross profit $ e Textbook and Media