Lily Company understated its 2022 ending inventory by $30,650. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2022 and 2023. Ending inventory Cost of goods sold Owner's equity 2022 2023

Lily Company understated its 2022 ending inventory by $30,650. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2022 and 2023