Hi, I need help with question B, thank you!

Culver Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2021 $167,000 37,600 2020 $155,400 30,000 Culver made two errors in 2020. It recorded a $4.400 inventory purchase in transit at the end of 2020 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2020. Calculate the correct ending inventory and cost of goods sold amounts for each year. 2021 2020 Ending inventory $ 33,200 35.000 Cost of goods sold $ 176,400 $ 150.400 eTextbook and Media Attempts: 1 of 1 used (b) Describe the impact of the error on (1) cost of goods sold, (2) income before income tax, (3) assets, (4) liabilities, and (5) total shareholders' equity for each of the two years. 2021 2020 $ $ Cost of goods sold Income before income tax $ $ Assets 2 $ $ Liabilities $ $ Total shareholders' equity $ $