E6-8 Glacier Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Det 2014 2013 inve (SC Cost of goods sold $170,000 $175,000 Ending inventory 30,000 30,000 Glacier made two errors: (1) 2013 ending inventory was overstated by $5,500, and (2) 2014 ending inven- tory was understated by $4,000. (Hint: Recall that the ending inventory for 2013 becomes the beginning inventory for 2014.) Instructions (a) Calculate the correct cost of goods sold and ending inventory for each year. (b) Describe the impact of the errors on profit for 2013 and 2014 and on owner's equity at the end of 2013 and 2014. (c) Explain why it is important that Glacier Fishing Gear correct these errors as soon as they are discovered