Font Galena Pharmacy reported cost of goods sold as follows: Beginning inventory Cost of goods purchased 2022 2023 $ 54,000 847,000 Cost of goods available for sale 901,000 $ 64,000 891,000 955,000 I Ending inventory Cost of goods sold 64,000 $837,000 55,000 $900,000 Jim Holt, the bookkeeper, made two errors: (1) 2022 ending inventory was overstated by $7,000. (2) 2023 ending inventory was understated by $16,000. Instructions 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 (O) or understated (U). Total assets Stockholder's equity Cost of goods sold Net income 2022 2023 Amount Overstated/ Understated Amount Overstated/ Understated $ $ $ $ 69 EA S EA Focus