38. Inventory records for the company revealed the following: Date Mar. 1 Mar. 3 Mar. 23 Transaction Beginning inventory Purchase Purchase Number of Units 100 600 300 Unit Cost $45.00 $49.50 $50.00 The company sold 940 units of inventory during the month. Ending inventory assuming Weighted Average would be: $ 1 Use the following to answer questions 39-40 MATCH.. For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Assume that each of the companies uses a periodic inventory system. Indicate: (A) an understatement (B) an overstatement or (C) no effect, correct Balance Sheet Ending Retained Inventory Farnings b. b. Income Statement Cost of Net Income Goods Sold Error a c. d. 39 Understated Flin year 1, affect on items in year 1. 40. Understated Elin year 1, affect on items in year 2 C. d