"Glacier Fishing Gear reported the following amounts for its cost of goods sold and ending inventory:

$2024$

$2023$

Cast of goods sold

$$170,000$

$$175\mathrm{.}000$

Ending inventory

$30,000$

$30,000$

Glacier made two errors: $(1)2023$ ending inventory was overstated by $$5,500,$ and $(2)2024$ ending inventory was understated by $$4\mathrm{.}000.$

$($a$)$

Your answer is incorrect.

Calculate the correct cost of goods sold and ending inventory for each year.

$2024$

$2023$

Correct ending inventory

Correct cast of goods sold"

Calculate the correct cost of

goods sold and ending inventory

for each year.

Describe the impact of the errors

on profit for $2023$ and $2024$ and

on owner's equity at the end of

$2023$ and $2024.$

Explain why it is important that

Glacier Fishing Gear correct these

errors as soon as they are

discovered.

Prepare correct income

statements.

$16-$S Gluder Fishing Gear reported the following amounts for its cost of goods sold and ending inventory

Gadier made two errors: $(1)2013$ ending inventory was overstated by $$5,500,$ and $(2)2014$ ending inven$-$

tro was understated by $$4,000.($Hint: Recall that the ending inventory for $2013$ becomes the beginning

imenter for $2014.)$

hadructions

$($a$)$ Calculate the correct cost of goods sold and ending inventory for each year.

$(5)$ Describe the impact of the errors on profit for $2013$ and $2014$ and on owner's equity at the end of

$2013$ and $2014.$

$($c$)$ Explain why it is important that Glacier Fishing Gear correct these errors as soon as they are

discorered

I really need you to focus on answering the bottom left box because the rest are correct; and I need to you to also answer the other parts on the right side of the page, please.