14. Goods purchased FOB shipping point were shipped to Merkley & Co. on December 31 , 2002. The purchase was recorded in 2002, but the goods were not included in ending inventor)^

(a) What effect would this error have had on reported income for 2002 had it not been discovered?

(b) Wliat entr\^ should be made on the books to correct this error assuming the books have not yet been closed for 2002?