RO 140 the company 5) (6 points) Redford Company hired a new store manager in October 2021, who determined the ending inventory on December 31, 2021, to be $50,000. In March, 2022, y discovered that the December 31, 2021 ending inventory should have been $58,000. The December 31, 2022, inventory was correct. Ignore income taxes. Complete the following table to show the effects of the inventory error on the four amounts listed. Give the amount of the discrepancy and indicate whether it was overstated (O), understated (U), or had no effect (N). 02 Year Ending Inventory 2 Cost of Goods Sold Net Income 2021 $ 58,000 $ $ 2022 $ 64,000 $ S