Describe the impact of the error on (1) cost of goods sold, (2) income before income tax, (3) assets, (4) liabilities, and (5) total shareholders' equity for each of the two years. Calculate the correct ending inventory and cost of goods sold amounts for each year. Attempts: 0 of 2 used Using multiple attempts will impact your score. 50% score reduction after attempt 1 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Current Attempt in Progress Sheffield Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Sheffield made two errors in 2020. It recorded a $4,400 inventory purchase in transit at the end of 2020 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2020