A compary uses the periodic iliventory method. Some inventory items were purchased on account near the end of the vear but had not yet been recelved. The goods have already been shipped to the company by the wopplier FOB shippins point by the end of the year, but ther hare not yet been received arid were therefore not inchided in the encins inventory. The company also falled to record the purchase by the end of the year. The teoult for that vear would be an undentsesperis of retained taming an overitateinert of ectinome mandentatement of lahalins. an overutement of is isets