A company reported Net Income of $1,000,000 for 2015 and $1,000,000 for 2016. After the books have been closed for 2017, it was discovered that the ending inventory for 2015 was overstated by $20,000. Tell the effect that the error had on each of the following:

a. Cost of Goods Sold for 2015 as originally reported

b. Net Income for 2015 as originally reported

c. Cost of Goods Sold for 2016 as originally reported

d. Net Income for 2016 as originally reported

e. Retained Earnings as of the end of 2016