Susan Pharmacy reported cost of goods sold as follows:

		2021		2022
Beginning inventory		$44,280		$52,480
Cost of goods purchased		694,540		730,620
Cost of goods available for sale		738,820		783,100
Ending inventory		52,480		45,100
Cost of goods sold		$686,340		$738,000

Susan made two errors:

(1)		2021 ending inventory was overstated by $4,920.
(2)		2022 ending inventory was understated by $9,020.

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 or understated.

		2021				2022
		Amount		Overstated/ Understated		Amount		Overstated/ Understated
Total assets		$enter a dollar amount		select an option UnderstatedOverstated		$enter a dollar amount		select an option OverstatedUnderstated
Stockholders equity		$enter a dollar amount		select an option OverstatedUnderstated		$enter a dollar amount		select an option UnderstatedOverstated
Cost of goods sold		$enter a dollar amount		select an option OverstatedUnderstated		$enter a dollar amount		select an option OverstatedUnderstated
Net income		$enter a dollar amount		select an option OverstatedUnderstated		$enter a dollar amount		select an option OverstatedUnderstated