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Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2021 $66,960 1,050,280 1,117,240 79,360 $1,037,880 2022 $79,360 1,104,840 1,184.200 68,200 $1,116,000 Mary made two errors: (1) (2) 2021 ending inventory was overstated by $7,440. 2022 ending inventory was understated by $13,640. 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 Overstated/ Understated Overstated/ Understated Amount Amount Total assets $ $ $ $ Stockholders' equity Cost of goods sold $ $ Net income $ $