What is the cumulative effect of the inventory error on total gross profit for these two years?

Cumulative effect of the inventory error on total gross profit

Question 7 of 9 0.33/1 Martinez Inc. reported the following partial statement of income data for the years ended December 31, 2021, and 2020: 2021 2020 Sales $ 270,000 $ 248,000 Cost of goods sold 210.000 197,160 Gross profit 60,000 50,840 The company reported inventory in the statement of financial position at $43.000, $ 51,300, and $ 49,700 at the end of 2019, 2020, and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the ending inventory at December 31, 2020, is understated by $ 8,432. (a) Your answer is correct. Prepare correct statements of income for 2020 and 2021 through to gross profit. 2021 2020 Sales 270000 $ 248000 Question 7 of 9 0.33/1 ini Jales ZTUUUU 24OUUU Cost of goods sold 218432 188728 Gross profit 51568 $ 59272 e Textbook and Media Attempts: 1 of 3 used (b) What is the cumulative effect of the inventory error on total gross profit for these two years? Cumulative effect of the inventory error on total gross profit $ e Textbook and Media