Cullumber Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: 2024 2023 Cost of goods sold $180,200 $185,200 Ending inventory 30,000 30,000 Cullumber made two errors: (1) 2023 ending inventory was overstated by $5,830, and (2) 2024 ending inventory was understated by $4,330. Calculate the correct cost of goods sold and ending inventory for each year. 2024 Correct ending inventory 34330 Correct cost of goods sold 170040 eTextbook and Media +A 2023 24170 191030 Determine the impact of the errors on profit for 2023 and 2024 and on owner's equity at the end of 2023 and 2024. In 2023 profit is overstated by $ the amount of the error in ending inventory. This error flows through to owner's equity in 2023 to produce an overstatement of $ In 2024 both errors have an impact. The net effect is an . This is a result of the $5,830 understatement of profit by $ overstatement of the beginning inventory plus $ understatement of ending inventory. Owner's equity in 2024 would show only an $5,830 overstatement understatement of $ of 2023 would be offset by the $5,830 caused by the impact on beginning inventory in 2024. . The understatement in profit