Question 7 of 7

Question 7 of 7 View Policies Current Attempt in Progress Lisa Pharmacy reported cost of goods sold as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Lisa made two errors: 2021 $47,520 745,360 792,880 56,320 $736,560 2022 $56,320 784,080 840,400 48,400 $792,000 (1) 2021 ending inventory was overstated by $5,280. 2022 ending inventory was understated by $9,680. 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. 2021 Amount Overstated/ Understated 2022 Amount Overstated/ Understated Total assets Stockholders' equity Cost of goods sold Net income