View Policies Current Attempt in Progress Concord Hardware Limited reported the following amounts for its cost of goods sold and Inventory: 2021 2020 Cost of goods sold $168,200 $153,200 Ending inventory 37,200 29,700 Concord made two errors in 2020. It recorded a $4,200 inventory purchase in transit at the end of 2020 that was shipped FOB destination and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2020. Calculate the correct ending inventory and cost of goods sold amounts for each year. Ending inventory $ Cost of goods sold 2021 $ 2020 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. 2021 (1) Cost of goods $ sold LA Overstated Income Understated Will not effect $ (2) before income tax (3) Assets $ 2020 $ $ $ : $ (4) Liabilities Total (5) shareholders' $ equity $