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3. Galena Pharmacy reported cost of goods sold as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2014 $ 54,000 847,000 901,000 64,000 $837,000 2015 $ 64,000 891,000 955,000 55,000 $900,000 Jim Holt, the bookkeeper, made two errors: (1) 2014 ending inventory was overstated by $7,000. (2) 2015 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 or understated. 2014 Overstated/ Amount Understated 2015 Overstated/ Amount Understated $ Total assets $ Owner's equity$ $ COGS $ $ Net income $ $