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Graves Pharmacy reported cost of goods sold as follows: 2020 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2019 $ 54,000 847,000 901,000 64,000 $837,000 $ 64,000 891,000 955,000 55,000 $900,000 Hill, the bookkeeper, made two errors: (1) 2019 ending inventory was overstated by $4,000. (2) 2020 ending inventory was understated by $10,000. Instructions (1) 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). (2) Calculate the correct amounts of Cost of goods sold in 2019 and 2020. (Show your computation) 2020 2019 Overstated/ Amount Understated Overstated Understated Amount Total assets $ $ Equity $ $ Cost of goods sold $ $ Net income $ $