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DO IT! 3 Inventory Errors Visual Company overstated its 2018 ending inventory by $22,000. Determine the impact this error has on ending inventory, cost of goods sold, and stockholders' equity in 2018 and 2019. Action Plan An ending inventory error in one period will have an equal and opposite effect on cost of goods sold and net income in the next period. After two years, the errors have offset each other