2022 $56,320 784,080 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2021 $47,520 745,360 792,880 56,320 $736,560 840,400 48,400 $792,000 Lisa made two errors: (1) 2021 ending inventory was overstated by $5,280. 2022 ending inventory was understated by $9,680. (2) Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the items appearing on the financial statements listed below. Also indicate if the amounts are overstated or understated. 2021 2022 Overstated/ Understated Overstated/ Understated Amount Amount Total assets $ $ $ Stockholders' equity Cost of goods sold $ $ Net income $ $