6 10 points For each of the following inventory errors occurring in 2024, determine the effect...

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6 10 points For each of the following inventory errors occurring in 2024, determine the effect of the error on 2024's cost of goods sold, net income, and retained earnings using understated, overstated, or no effect. Assume that the error is not discovered until 2025 and that a periodic inventory system is used. Ignore income taxes. Skipped eBook Print References 1. Overstatement of ending inventory 2. Overstatement of purchases 3. Understatement of beginning inventory 4. Freight-in charges are understated 5. Understatement of ending inventory 6. Understatement of purchases 7. Overstatement of beginning inventory 8. Understatement of purchases plus understatement of ending inventory by the same amount Cost of Goods Sold Understated Net Income Overstated Retained Earnings Overstated 6 10 points For each of the following inventory errors occurring in 2024, determine the effect of the error on 2024's cost of goods sold, net income, and retained earnings using understated, overstated, or no effect. Assume that the error is not discovered until 2025 and that a periodic inventory system is used. Ignore income taxes. Skipped eBook Print References 1. Overstatement of ending inventory 2. Overstatement of purchases 3. Understatement of beginning inventory 4. Freight-in charges are understated 5. Understatement of ending inventory 6. Understatement of purchases 7. Overstatement of beginning inventory 8. Understatement of purchases plus understatement of ending inventory by the same amount Cost of Goods Sold Understated Net Income Overstated Retained Earnings Overstated