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Partial income statements of Schneider Products Inc. are reproduced below: 2019 $50,000 20,000 $30,000 2020 $50,000 23,000 $27,000 Sales Cost of goods sold Gross profit The 2019 ending inventory was overstated by $2,000 during the physical count. The 2020 physical inventory count was done properly. Required: 1. Calculate the impact of this error on the gross profit calculated for 2019 and 2020. 2. What is the impact of this error on total assets at the end of 2019 and 2020? Net assets?
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