Klein Co uses a periodic inventory system. Beginning inventory on January 1, 2021 was understated by $13,000, and its ending inventory on December 31 2021 was understated by $47,000. Additionally, a purchase of inventory costing $16,000 was incorrectly recorded as $1,600. These errors were not discovered until 2022. Assuming the errors are not discovered until 2023, is Klein's cost of goods sold in 2021 overstated or understated? [2 points] A B Understated Overstated What is the dollar amount of the overstatement/understatement of cost of goods sold in 2021? (2 points] Assuming the errors are not discovered until 2023, is Klein's gross profit in 2022 overstated or understated? (2 points] A B Overstated Understated What is the dollar amount of the overstatement/understatement of gross profit in 2022? [2 points] Prepare Klein's journal entry in 2022 to correct the error, assuming the errors were discovered in 2022. (2 points] Account Debit (inventory) Credit (retained earnings) No Journal Entry Required