Question 6.4 (Total: 20 marks; 1 mark each) in each of the spaces provided, show the effect of the described errors on the various elements of a company's financial statements. Use the following codes: O = amount is overstated; U = amount is understated; NE = no effect. Assume a periodic inventory system and that all sales and purchases are on credit. Accounts InventoryAccountsSales Cost of Receivable Payable Goods Sold U NE NE O EXAMPLE: Goods in rented warehouse were NE excluded from inventory count. 1. Goods in transit shipped "FOB destination" by supplier were recorded as a purchase but were excluded from ending inventory. 2. Goods held on consignment were included in inventory count and recorded as a purchase. mit chinnad HCOR shinning 2. Goods held on consignment were included in inventory count and recorded as a purchase. 3. Goods in transit shipped "FOB shipping point" were not recorded as a sale and were included in ending inventory. 4. Goods were shipped and appropriately excluded from ending inventory but sale was not recorded. Tatal marks: 2 marks per line)