es Shockley Co. reported the following amounts in its financial statements: Financial Statements for Year Ended December 31. (a) Cost of goods sold (b) Profit (c) Total current assets (d) Equity 2020 2021 2022 $ 720,000 $ 852,000 $ 775,000 225,000 1,165,000 280,000 1,275,000 236,000 1,110,000 1,297,000 1,440,000 1,242,000 In making the physical counts of inventory, the following errors were made: 0 Inventory on December 31, 2020: understated $71,000 Inventory on December 31, 2021: overstated $31,000