Dank Lid reported cost of goods sold as follows: (1) 2021 ending inventory was overstated by $8,000. (2) 2022 ending inventory was overstated by $4,000. Required: Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the items appearing on the financial statements listed below. Also indicate if the amounts are overstated (O) or understated (U)