dropdown options are overstated, understated, will not effect

Martinez Hardware Limited reported the following amounts for its cost of goods sold and Inventory: 2018 2017 Cost of goods sold $167,600 $152,700 Ending inventory 36,900 29,900 Martinez made two errors: (1) ending inventory for 2018 was overstated by $2,100 and (2) ending inventory for 2017 was understated by $3,800. Assume that neither error has been found or corrected. (a) Your answer has been saved. See score details after the due date. Calculate the correct ending inventory and cost of goods sold amounts for each year. 2018 2017 Ending inventory $ Cost of goods sold $ 34800 $ 173500 $ 33700 156500 (b) 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. 2018 2017 Vs (1) Cost of goods sold (2) Income before income tax (3) Assets (4) Liabilities (5) Total shareholders equity V$ Save for Later