Jennifer Pharmacy reported cost of goods sold as follows:

		2021		2022
Beginning inventory		$64,800		$76,800
Cost of goods purchased		1,016,400		1,069,200
Cost of goods available for sale		1,081,200		1,146,000
Ending inventory		76,800		66,000
Cost of goods sold		$1,004,400		$1,080,000

Jennifer made two errors:

(1)		2021 ending inventory was overstated by $7,200.
(2)		2022 ending inventory was understated by $13,200.

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.

Jennifer de 2021 ending inventory was overstated by $7.200. 2022 ending inventory was understated by $13,200, Assuming the errors had not been corrected indicate the dollar effect that the errors had on the items appearing or the fraccial statements listed below. Also indicate if the amounts are overstated or understated. 2022 2021 Overstated/ Understated Overstated/ Understated Amount Amount Total assets $ 7200 Overstated $ 13200 Understated $ 7200 Overstated $ Stockholders equity of goods 13200 Understated $ 7200 Understated $ 1080000 Overstated Net income 5 7200 Overstated 5 Understated eTextbook and Media Attempts: unlimited Submit Answer MG 6109 IMG_38609 Show all X F