New York Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow (Click the icon to view the inventory data ) Read the requirements Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1.800 What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be S What is the correct amount of gross profit? Gross profit in 2019 would be $ Requirement 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 2020, if the error is not corrected in 2019? Cost of goods sold for 2020 would beby s How would the inventory error affect New York Pool Supplies's gross profit for the year ended December 31, 2020, if the error is not corrected in 2019? Gross profit for 2020 would be by $ Data Table Sales Revenue Cost of Goods Sold s 58,000 Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less. Ending Merchandise Inventory Cost of Goods Sold $ 4,900 32,500 37,400 4.700 32,700 $ 25,300 Gross Profit O Type here to search