Question 12 Clank Ltd reported cost of goods sold as follows: 2019 2020 Beginning inventory $ 64,000 $ 54,000 Cost of goods purchased 874.000 871.000 Cost of goods available for sale 938,000 925,000 Ending inventory 54.000 65,000 Cost of goods sold $884.000 $860.000 Miller made two errors: (1) 2019 ending inventory was understated by $10,000. (2) 2020 ending inventory was overstated by $6,000. Required: 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 (O) or understated (U). 2019 Overstated Overstated Amount Understated Amount Understated Total assets $ $ Shareholders' equity Cost of goods sold Net earnings 2020 S $ s