Fast please.

Your answer is partially correct. Galena Pharmacy reported cost of goods sold as follows: 2020 $54,000 847,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2021 $64,000 891,000 955,000 55,000 $900,000 901,000 64,000 $837,000 Jim Holt, the bookkeeper, made two errors: (1) 2020 ending inventory was overstated by $7,000. (2) 2021 ending inventory was understated by $16,000. Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the items appearing on the financial statements listed below. Also indicate if the amounts are overstated or understated. 2020 2021 Overstated/ Understated Overst Under Amount Amount Total $ 54000 Overstated $ 57000 Unders assets $ 847000 Overstated $ 891000 Underst Owner's equity Cost of goods sold $ 901000 Understated $ 948000 Oversta Net $ 844000 Overstated $ 877000 Underst income