New York Pool Supplies's merchandise inventory data for the year ended December 31, 2017 follow (Click the icon to view the inventory data) Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by 5000 What are the correct amounts for cost of goods sold and gross profit? 2. How would the inventory error affect New York Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2018, if the error is not corrected in 2017? Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $900. What are the correct amounts for cost of goods sold and gross profit? O Data Table Sales Revenue $ 55,000 3,500 32,800 Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold 36,300 4,800 31,500 23,500 Gross Profit