16. (4 points) Joes Shrimp Shack has a beginning inventory of $20,000. Joespurchased $130,000 of inventory during the year. At year end, Joes made anerror during the inventory count. The ending inventory SHOULD have been$45,000, but was incorrectly counted as $62,000. How much will endinginventory, COGS, gross margin, and net income be off at the end of the year?(ignore taxes) (be sure to indicate if the amounts are understated or overstated.)a. Ending Inventoryb. Cost of Goods Soldc. Gross Margind. Net Income