A firm's Dec. ${31}^{{?}^2}$ year$-$end balance sheet showed $$72,000$ of inventory. The firm uses the perpetanal investory system. Alher revieaing the firm's reconds, the auditor noted the following items which had not been incleded when calculating this amount bocauve it was not in the warchouse daring the physical count:

On Dee. ${31}^{}$ the firm was notified that $$12\mathrm{.}600$ of inventory purchased on account from a wholesaler had been shipped on Dec. ${30}^{},$ FOB shipping point. No journal entry recorded.

On Dec. ${31}^{},$ inventory costing $$5,200$ was shipped to a customer in Australia FOB destination. Sales Revenues were recorded at $50\%$ mark$-$up on cost$.$

On Dec. ${31}^4,$ inventory costing $$14,000$ was shipped to a customer FOB shipping point. Sales Revenues were recorded at $50\%$ mark$-$up on cost$.$

Determine the effect of these errors on the company's financial statements as of Dec. $31,$ CY$.$ Submit your answers on Blackboard.

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