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B7.24 (LO 5) (Inventory Eirrors-Periodic) Ann M. Martin Company makes the following errors during the current year. (Ivaluate each cuse independently and axsume ending inventory in the following year is carrectly stated.) 1. Ending inventory is overstated, but purchaves and related accounts payable are recorded correctly. 2. Both ending inventory and purchases and related incoounts payable are underitated. (Assume this purchuse was recorded and paid for in the following yeat.) 3. Ending inventory is correct, but a purchise on account was not recorded. (Assume this purchase was recorded and paid for in the following yeax.) Instructions Indicate the effect of each of these errors on working capital, current ratio (assume that the current ratio is greater than 1), retained earnings, and net income for the current year and the subsequent year