- /1 E Question 6 of 9 View Policies Current Attempt in Progress Sunland Company reported the following amounts for its cost of goods sold and ending inventory: 2021 2020 Cost of goods sold $188,000 $193,000 Ending inventory 30.000 30,000 Sunland made two errors: (1) 2020 ending inventory was overstated by $12,500, and (2) 2021 ending inventory was understated by $11,000. Calculate the correct cost of goods sold and ending inventory for each year. 2021 2020 = Question 6 of 9 Calculate the correct cost of goods sold and ending inventory for each year. 2020 2021 tA Correct ending inventory $ Correct cost of goods sold $ $ e Textbook and Media Describe the impact of the errors on profit for 2020 and 2021 and on owner's equity at the end of 2020 and 2021. ter 6 - 1 E Question 6 of 9 Describe the impact of the errors on profit for 2020 and 2021 and on owner's equity at the end of 2020 and 2021. In 2020 profit is v by $ the amount of the error in ending inventory. This error flow > of profit by $ This is : In 2021 both errors have an impact. The net effect is an overstatement understatement Owner's equity in 2021 would show only an v of $ The $12,500 e Teythookand Media tero -71