Joe's Pharmacy reported cost of goods sold as follows: 2019 2020 ITEM Beginning inventory Cost of goods purchased Cost of good available for sale Ending inventory Cost of good sold $ 54,000 847,000 901,000 64,000 $837,000 $ 64,000 891,000 955,000 55,000 $900,000 Joe made two errors: (1) 2009 ending inventory was overstated by $3,000. (2) 2010 ending inventory was understated by 59,000. 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). Use/re- create the chart below to answer the question. Item Amount Year 2019 Overstated or Understated Amount Year 2020 Overstated or Understated Total assets Owner's equity Cost of goods sold Net income