Blossom Company reported the following amounts for its cost of goods sold and ending inventory Cost of goods sold Ending inventory 2021 $170.000 30.000 2020 $175.000 30,000 Blossom made two errors: (1)2020 ending inventory was overstated by $5.500, and (2) 2021 ending inventory was understated by $4,000 Calculate the correct cost of goods sold and ending inventory for each year. 2021 $ 2020 Correc ending inventory Correct cost of goods sold 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 bys the amount of the error in ending inventory. This error flow In 2021 both errors have an impact. The net effect is an of profit by $ This is Owner's equity in 2021 would show only an of $ The $5,500 Describe the impact of the errors on profit for 2020 and 2021 and on owner's equity at the end of 2020 and 2021 story. This error flows through to owner's equity in 2020 to produce an vors of the beginning inventory plus $ of ending inventory. of 2020 would be offset by the $5,500 in proft caused by the impact on beginning inventory in 2021