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Martinez Hardware Limited reported the following amounts for its cost of goods sold and Inventory: 2018 2017 Cost of goods sold $167,600 $152,700 Ending inventory 36,900 29,900 Martinez made two errors: (1) ending inventory for 2018 was overstated by $2,100 and (2) ending inventory for 2017 was understated by $3,800. Assume that neither error has been found or corrected. (a) Your answer is correct. Calculate the correct ending inventory and cost of goods sold amounts for each year. 2018 2017 Ending inventory $ 34800 $ 33700 Cost of goods sold $ 173500 $ 148900 Attempts: 2 of 3 used Question Part Score 8/8 (b) Describe the impact of the error on (1) cost of goods sold, (2) income before income tax, (3) assets. (4) liabilities, and (5) total shareholders' equity for each of the two years. 2018 2017 (1) Cost of goods sold $ -5900 $ (2) Income before income tax $ $ (3) Assets $ V $ (4) Liabilities $ $ (5) Total shareholders' equity $ $ Save for Later Last saved 27 minutes ago Attempts: 0 of 3 used Submit Answer Question Part Score --/20