During your audit of Patti Company’s ending inventory at December 31, 2014, you find the following inventory accounting errors:
a. Goods in Patti’s warehouse on consignment from Valley, Inc., were included in Patti’s ending inventory.
b. On December 31, 2014, Patti received $4,700 worth of inventory, which was included in the 2014 ending inventory. However, the invoice on this merchandise was not received by Patti until January 3, 2015, at which time the purchase was recorded. The purchase should have been recorded in 2014.
c. Patti purchased merchandise on account on December 30, 2014, but did not include these goods in inventory or record the purchase. These goods were shipped by the vendor f.o.b. shipping point (title transfers when goods are shipped) and were in transit on December 31, 2014.
d. Some of Patti’s merchandise, shipped on consignment to Kaitlin Company in mid-December 2014, was excluded from the December 31, 2014, inventory.
e. On December 28, 2014, Patti shipped goods costing $10,000 to Likert, f.o.b. destination (title transfers when goods are received). Likert received the goods on January 4, 2015, and notified Patti of their arrival. The goods were not included in Patti’s 2014 inventory balance.

Required:
Assume that Patti uses the periodic inventory system. Indicate the effect (understate, over-state, or no effect) each of these errors would have on:
1. December 31, 2014, ending inventory
2. December 31, 2015, ending inventory
3. December 31, 2014, cost of goods sold
4. December 31, 2015, cost of goods sold
5. December 31, 2014, accounts payable
6. December 31, 2015, accounts payable