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Analyzing Impact of Inventory Errors on Reporting The records of Largo Company reveal the following. The following errors were found, and they have not yet been corrected. 1. Revenues of $4,000 collected in advance are included in Sales Revenue. 2. Accrued operating expenses of $5,600 are not recorded. 3. Goods costing $8,000 are incorrectly included in ending inventory. (They are being held on consignment.) No purchase was recorded. 4. Goods costing $4,000 are correctly included in ending inventory; however, no purchase was recorded (assume a credit purchase). a. Prepare a revised income statement on a correct basis. Note: Do not use negative signs with your answers. b. Determine the amount of overstatement or understatement in the following balance sheet accounts: (1) Inventory, (2) Accounts Payable, (3) Deferred Revenue, (4) Accrued Expenses, and (5) Retained Earnings. Note: If a correction is not required, select "N/A" and leave the amount answer blank (zero). Note: Do not use negative signs with your answers