Hill Pharmacy reported cost of goods sold as follows: Beginning inventory 2008 $ 54,000 Cost of goods purchased 847,000 Cost of goods available for sale 901,000 Ending inventory Cost of goods sold 64.000 $837,000 Hill made two errors: 2009 $ 64,000 891,000 955,000 55.000 $900,000 (1) 2008 ending inventory was overstated by $6,000. (2) 2009 ending inventory was understated by $15,000. 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 (O) or understated (U). 2009 Total assets Owner's equity Cost of goods sold Net income 2008 Overstated/ Amount Understated Amount $ EA EA Overstated/ Understated