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 Requirements - X 0 Data Table $ 58 000 1. Ansume that the ending merchandise inventory was accidentally overstated by $1,800. 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, 2020, if the error is not corrected in 2019? $ 4,900 Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Loss Ending Merchandise Inventory Cost of Goods Sold 32.500 37.400 4.700 Print Done 32 700 25,300 S Gross Profit 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 5