Shaperer Supples, 94.0 mition coet of mventory at the end of lias yew was vedervated by $1.7 milion fiead the troukerients. The cerrect anount of gross proft sor last year it milion. Requirements 1. Was last year's reported gross profit of $2.7 million overstated, understated. or correct? What was the correct amount of gross profit last yoar? 2. Is this yoar's gross peofit of $3.8 mijice overstated, understated, or correct? What is the correct amount of gross profit for the current year? 3. Was last year's reported cost of goods soid of $4.6 million overstated. understated, of correct? What was the correct amount of cost of goods soid last year? 4. Is this year's oost of goods soid of $6.0 million overstated, understated, or correct? What is the correct amount of cost of goods sold for this year