Agents ACCT-X Connect Harbor Freight Tools Apply for Credit Cards X Compare Credit Cards X education.com/ext/map/index.html?_concon external browser & launchuifhttps%253A%252F%252Fims.meducation.com%252Fmgmiddlewar Saved Help 2 (Chapter 9) For each of the following inventory errors occurring in 2021, determine the effect of the error on 2021's cost of goods sold, net income, and retained earnings using understated (U), overstated (O), or no effect (NE). Assume that the error is not discovered until 2022 and that a periodic Inventory system is used. Ignore Income taxes. Cost of Goods Sold Not income Retained Earning 1 U 0 o 2 3 4 Overstatement of ending inventory Overstatement of purchases Understatement of beginning inventory Freight-in charges we understated Understatement of ending Inventory Understatement of purchases Overstatement of beginning inventory Understatement of purchases plus understatement of ending inventory by the same amount 5. 6 7. B Prey 3 of 7 !!! Next > 90 5 & 7 8 9 D T Agents ACCT-X Connect Harbor Freight Tools Apply for Credit Cards X Compare Credit Cards X education.com/ext/map/index.html?_concon external browser & launchuifhttps%253A%252F%252Fims.meducation.com%252Fmgmiddlewar Saved Help 2 (Chapter 9) For each of the following inventory errors occurring in 2021, determine the effect of the error on 2021's cost of goods sold, net income, and retained earnings using understated (U), overstated (O), or no effect (NE). Assume that the error is not discovered until 2022 and that a periodic Inventory system is used. Ignore Income taxes. Cost of Goods Sold Not income Retained Earning 1 U 0 o 2 3 4 Overstatement of ending inventory Overstatement of purchases Understatement of beginning inventory Freight-in charges we understated Understatement of ending Inventory Understatement of purchases Overstatement of beginning inventory Understatement of purchases plus understatement of ending inventory by the same amount 5. 6 7. B Prey 3 of 7 !!! Next > 90 5 & 7 8 9 D T