Galena Pharmacy reported cost of goods sold as follows: 2021 $64,000 891,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2020 $54,000 847,000 901,000 64,000 $837,000 955,000 55,000 $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 Overst Under: Amount Amount $ 57000 Overstated $ 48000 Underst Total assets Owner's equity Cost of $ 854000 Overstated $ 900000 Underst goods $ 844000 Understated $ 877000 Oversta sold Net income $ 851000 Overstated $ 886000 Underst