Question: lect these errors as soon as possible. (56.10 YLO 4) Aruba Inc. reported the following partial statement of income data for the years ended December

lect these errors as soon as possible. (56.10 YLO 4) Aruba Inc. reported the following partial statement of income data for the years ended December 31, 2021 and 2020: Correct partial state for inventory errors gross profit 2021 2020 Sales $265.000 Cost of goods sold $250,000 205,000 194.000 Gross profit $ 60,000 $ 56,000 The company reported inventory in the statement of financial position at $44,000, S52,000, and 849,000 at the end of 2019, 2020, and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the company has understated the ending inventory at December 31, 2020, by $8,000 Instructions a. Prepare correct statements of income for 2020 and 2021 through to gross profit. b. What is the cumulative effect of the inventory error on total gross profit for these two years? e. Calculate the gross profit margin for each of these two years, before and after the correction

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