describe the impact of the errors on profit for 2020 and 2021 and on owner's equity at the end of 2020 and 2021.

Cullumber Company reported the following amounts for its cost of goods sold and ending inventory: Cost of goods sold Ending inventory 2021 $194,000 30,000 2020 $199,000 30,000 Cullumber made two errors: (1) 2020 ending inventory was overstated by $8,500, and (2) 2021 ending inventory was understated by $7,000 Calculate the correct cost of goods sold and ending inventory for each year