Riverbed Hardware Limited reported the following amounts for its cost of goods sold and Inventory: 2018 2017 Cost of goods sold $168,200 $153,200 Ending inventory 37,000 30,300 Riverbed made two errors: (1) ending inventory for 2018 was overstated by $1,809 and (2) ending inventory for 2017 was understan (a) Calculate the correct ending inventory and cost of goods sold amounts for each year. 2018 2017 Ending inventory $ Cost of goods sold $ 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 Understated V $ (2) Income before income tax Overstated $ (3) Assets Overstated v $ V (4) Liabilities Will not effect V $ v S (5) Total shareholders'equity I Overstated $ Riverbed Hardware Limited reported the following amounts for its cost of goods sold and Inventory: 2018 2017 Cost of goods sold $168,200 $153,200 Ending inventory 37,000 30,300 Riverbed made two errors: (1) ending inventory for 2018 was overstated by $1,809 and (2) ending inventory for 2017 was understan (a) Calculate the correct ending inventory and cost of goods sold amounts for each year. 2018 2017 Ending inventory $ Cost of goods sold $ 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 Understated V $ (2) Income before income tax Overstated $ (3) Assets Overstated v $ V (4) Liabilities Will not effect V $ v S (5) Total shareholders'equity I Overstated $