Sales Revenue 69,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 3,200 Net Cost of Purchases 24,100 Cost of Goods Available for Sale 27,300 Less: Ending Merchandise Inventory 5,700 Cost of Goods Sold 21,600 47,400 Gross Profit California 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 $1,900. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be $ What is the correct amount of gross profit? Gross profit in 2019 would be $ Requirement 2. How would the inventory error affect California 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 be v by $ How would the inventory error affect California 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 $ Cost of goods sold for 2020 would be v by $ ies's How would the inventory error affect Ca corrected in 2019? overstated understated Gross profit for 2020 would be Joy