Galena Pharmacy reported cost of goods sold as follows:

		2020		2021
Beginning inventory		$54,000		$64,000
Cost of goods purchased		847,000		891,000
Cost of goods available for sale		901,000		955,000
Ending inventory		64,000		55,000
Cost of goods sold		$837,000		$900,000

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 Overstated / Understated Amount Amount Total assets 7000 i Overstated $ 23000 Understated Owner's equity 7000 i Overstated $ 23000 Understated Cost of goods sold $ 7000 Understated $ 23000 i Overstated Net income $ 7000 i Overstated $ 23000 i Understated