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Exercise 5: Effects of Errors in the Ending Inventory over a Two-Year Cycle (first read pages 482-485, then the PPT slides posted along with these exercises and then the spreadsheet posted along with these exercises) Assume a mistake was made by Melendrez Incorporated computing their ending inventory when conducting a physical count at the end of Year 1. Also assume no mistake was made in computing ending inventory at the end of Year 2. Rows A and B are of one scenario (the mistake was an understatement in ending inventory at the end of year 1) while rows C and D are of another scenario (the mistake was an overstatement in ending inventory at the end of year 1). Complete the table using the following entries: O = overstated U-understated NE = no effect Error in Inventory Assets Liabilities Retained Cost of Goods Earnings Sold Gross Profit Net Income Ending Inventory is understated End of Year! Beginning Inventory is understated Endoflar Ending Inventory is overstated Endorar! Beginning Inventory is overstated End of lear