Page 018 | 01- ZOOM S6-9 Determining the effect of an inventory error Learning Objective 5 New York Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: $ 58,000 54.900 Net Sales Revenue 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 Gross Profit 32,500 37,400 4,700 32,700 $ 25,300 Requirements 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? 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 20192