Sheridan Jewelry reported the following income statement data for a 2-year period. 2019 2020 Sales revenue HK$2.120,000 HK$2,500,000 Cost of goods sold Beginning inventory 328,000 444,500 Cost of goods purchased 1,840,000 2,155,000 Cost of goods available for sale 2,168,000 2,599,500 Ending Inventory 444,500 530,000 Cost of goods sold 1.723,500 2.069.500 Gross profit HK$396,500 HK$430,500 Sheridan uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was understated HK$69,000 Prepare correct income statement data for the 2 years 2019 2020 Sales HK$ HK$ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit HK$ HK$ (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is HK$