X v Times New... 12 | A Aar Pol BIU ab x x Av. Av Paste Paragraph Styles Dictate Heathcote Inc. reported cost of goods sold as follows (10 points): 2018 2019 Beginning inventory $ 54,000 $ 64,000 Cost of goods purchased 847.000 891,000 Cost of goods available for sale 901,000 955,000 Ending inventory 64,000 55,000 Cost of goods sold S837.000 $900.000 Jim Holt, the bookkeeper, made two errors: (1) 2018 ending inventory was overstated by $10,000. (2) 2019 ending inventory was understated by $15,000. Instructions 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 (O) or understated (U). 2018 2019 Overstated/ Amount Understated Amount Under Total assets $ 0 Over/ S P = 0 Stockholder's equity S 0 S Cost of goods sold S U S Net income $ o $