0.75/1 Question 2 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. Malcolm Lee Industries reported the following amounts in its December 31st financial statements: 2020 2021 Cost of Goods sold $280,500 $288,300 Ending Inventory 55,000 55,000 Errors were made in each year as follows: in 2020, ending inventory was overstated by $10,700 while in 2021, ending inventory was understated by $6,500. Explain the impact of these errors for 2021 profit and owners' equity. 17,200 Profits will be understated by $ Owners' equity will be understated by $ 25000 eTextbook and Media e Textbook