1. On December 31, 2021, Dubai Company completed the preparation of the financial statements, the review of these statements by the external auditors revealed the following errors: 1. Beginning inventory balance was understated by $500. 2. Ending inventory balance was understated by$300. 3. Sales discount of $200 was recorded as purchase discount. 4. Received $ 4,000 cash from customers was recorded as cash sales. Determine the effect of each of the above errors on: Net Sales; Net purchase; COGAS; COGS; Gross income (loss); Net income, Current assets and Equity. (4 marks) Answer: Use the below template for your answer: Error %23 Net Sales Net COGAS COGS Gross I(L) Net I (L) Current Equity purchase Assets 1. 2. 3. 4.