Clinton Cycles uses a periodic inventory system. The inventory data for the year ended December 31, 2016, follow:
Sales revenue .................................. $150,000
Cost of goods sold:
Beginning inventory .......................... 22,000
Net purchases .................................. 80,000
Cost of goods available for sale ............ 102,000
Less: Ending inventory ...................... (24,000)
Cost of goods sold ........................... 78,000
Gross margin .................................. $ 72,000
Assume that the Ending inventory was accidentally overstated by $4,000. What are the correct amounts of cost of goods sold and gross margin after correcting this error?