Your answer is partially correct. Galena Pharmacy reported cost of goods sold as follows: 2020 2021 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $54,000 847,000 901,000 64,000 $837,000 $64,000 891,000 955,000 55,000 $900,000 Jim Holt, the bookkeeper, made two errors: (1) 2020 ending inventory was overstated by $7,000. (2) 2021 ending inventory was understated by $16,000. 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. 2020 2021 Overstated/ Understated Overst Under: Amount Amount $ 54000 Overstated - $ 57000 Underst $ 847000 Overstated $ 891000 Underst Total assets Owner's equity Cost of goods sold Net income $ 901000 Understated - $ 948000 Oversta $ 844000 Overstated $ 877000 Underst