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Malcolm Lee Industries reported the following amounts in its December 31st financial statements: 2021 Cost of Goods sold 2020 $270,100 55,600 $288,600 55,600 Ending Inventory

Malcolm Lee Industries reported the following amounts in its December 31st financial statements: 2021 Cost of Goods sold 2020 $270,100 55,600 $288,600 55,600 Ending Inventory Errors were made in each year as follows: in 2020, ending inventory was overstated by $10,600 while in 2021, ending inventory was understated by $6,600. Explain the impact of these errors for 2021 profit and owners' equity. Profits will be by$ Owners' equity will be v by $

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