Concord Company understated its 2022 ending inventory by $31,600. Determine the impact this error has on ending inventory, cost of goods sold, and owners equity in 2022 and 2023.

		2022		2023
Ending inventory		select an effect UnderstatedNo EffectOverstated		select an effect OverstatedUnderstatedNo Effect
Cost of goods sold		select an effect UnderstatedNo EffectOverstated		select an effect No EffectOverstatedUnderstated
Owners equity		select an effect UnderstatedNo EffectOverstated		select an effect OverstatedNo EffectUnderstated