Study Store Supplies' $4.3 million cost of inventory at the end of last year was understated by $1.2 million. Read the requirementsLOADING 1. Was last year's reported gross profit of $2.9 million overstated, understated, or correct? What was the correct amount of gross profit last year? Last year's reported gross profit of $2.9 million was The correct amount of gross profit for last year is million. 2. Is this year's gross profit of $3.2 million overstated, understated, or correct? What is the correct amount of gross profit for the current year? This year's reported gross profit of $3.2 million is The correct amount of gross profit for this year is million. 3. Was last year's reported cost of goods sold of $5.0 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year? Last year's reported cost of goods sold of $5.0 million was The correct amount of cost of goods sold for last year is mil