Partial income statements for Murphy & Murphy $($M & M$)$ reported the following summarized amounts:Net SalesCost of GoodsSoldGross ProfitQuarter $1$$ $100,00075,000$$ $25,000$Quarter $2$$ $99,00079,200$$ $19,800$Quarter $3$$ $120,00085,050$$ $34,950$Quarter $4$$ $108,00079,920$$ $28,080$After these amounts were reported, M & M$\text{'}$s accountant determined the inventory at the end of Quarter $2$ was understated by $$4,950.$The inventory balance at the end of the other three quarters was accurately stated. Pictures Below