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 by $ through to owner's equity in 2023 to produce an , the amount of the error in ending inventory. This error flows of $ In 2024 both errors have an impact. The net effect is an of profit by $ result of the $7,040 of the beginning inventory plus $ This is a of ending inventory. Owner's equity in 2024 would show only an of $ .The $7,040 of 2023 would be offset by the $7,040 in profit caused by the impact on beginning inventory in 2024. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer