Brief Exercise 6-35 (Algorithmic) Inventory Errors Haywood Inc. reported the following information for 2018 Beginning inventory $25,000 Ending inventory Sales revenue Cost of goods sold A physical count of inventory at the end of the year showed that ending inventory was actually s65.000. Required: 1,000,000 620,000 1. What is the correct cost of goods sold and gross profit for 2018 s 600,320x Cost of goods sold 269,880 X 2. Assuming the error was not corrected, what is the effect on the statement of financial position at December 31, 20187 At December 31, 2019 December 31, 2018 Oecember 31, 2019 Cost of Goods 1. Consider the cost of goods soid mode Begsing Inventory Purchases-Enaing inventory Cost of Goods Sok Aiso nte hG Note that ending inventory for one period s the beanning inventory for the nest period and that et incorme doses to Retained Eamings Leaning Cejective 7