Wildhorse Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Wildhorse made two errors: (1) 2023 ending inventory was overstated by $7,150, and (2) 2024 ending inventory was understated by 55,650 Calculate the correct cost of goods sold and ending inventory for each year. Determine the impact of the errors on profit for 2023 and 2024 and on owner's equity at the end of 2023 and 2024. In 2023 profit is by $ , the amount of the error in ending imventory. This error flows through to owner's equity in 2023 to produce an of $ In 2024 both errors have an impact. The net effect is an of profit by $ . This is a result of the $7,150 of the beginning inventory plus $ ending irventory. Owner's equity in 2024 would show only an of $ The $7,150 of 2023 would be offset by the $7,150 in profit caused by the impact on beginning inventory in 2024. eTextbook and Media Attempts: 0 of 3 used