Question: Required: For each error: 1. What would be the effect of each error on the income statement and the balance sheet in the 2017 financial

Required: For each error: 1. What would be the effect of each error on the income statement and the balance sheet in the 2017 financial statements? 2. Prepare any journal entries each company should record in 2018 to correct the errors. E 20-24 Inventory errors - LO20-6 For each of the following inventory errors occurring in 2018, determine the effect of the error on 2018's cost of goods sold, net income, and retained earnings. Assume that the error is not discovered until 2019 and that a periodic inventory system is used. Ignore income taxes. U=UnderstatedO=OverstatedNE=Noeffect

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