Graves 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 2019 $ 54,000 847,000 901,000 64,000 $837,000 2020 $ 64,000 891,000 955,000 55,000 $900,000 Hill, the bookkeeper, made two errors: (1) 2019 ending inventory was overstated by $4,000. (2) 2020 ending inventory was understated by $10,000. 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 (0) or understated (U). 2019 2020 Overstated Overstated) Amount Understated Amount Understated Total assets $ $ Equity $ $ Cost of goods sold $ $ Net income $ $