INVENTORY ERRORS AND ESTIMATION $(10$ Marks$)$ For each of the independent events listed below, using a perpetual inventory system, analyze the impact on the indicated items at the end of the current year by placing the appropriate code letter in the box under each item. $=$ item is overstated $=$ item is understated NA $=$ item is not affected Owner's Equity Cost of Net Goods Sold Income Assets Events $1.$ The ending inventory in the previous period was overstated. $2.3.$ A physical count of goods on hand at the end of the current year resulted in some goods being counted twice. Goods purchased on account in December of the current year and shipped FOB destination were recorded as purchases, but were not included in the count of goods on hand on December $31$ because they had not arrived by December $31.4.$ Goods purchased on account in December of the current year and shipped FOB shipping point were recorded as purchases, but were not included in the count of goods on hand on December $31$ because they had not arrived by December $31.5.$ The internal auditors discovered that the ending inventory in the previous period was understated $ $15,000$ and that the ending inventory in the current period was overstated $ $25,000.$