ABC Company operates a periodic inventory system. For each situation identified below, indicate the effect of the described errors on the various elements within ABC Company's financial statements for the current year. Use the following "codes" when making your selections: Over amount is overstated Under = amount is understated . OK there is no effect (error) Note: Identification of dollar amounts for each situation is NOT necessary. 1. Goods in transit at year-end & shipped "FOB Shipping" were recorded as a purchase but were excluded from ending inventory. Accounts receivable will be: Over Inventory will be: Accounts Payable will be: Sales will be: COGS will be: Net Income will be: Under OK OK Over ( ( ( Under + 2. Goods sent out on consignment at year-end were not included in ending inventory. Accounts Receivable will be: Inventory will be: Accounts Payable will be: Sales will be: COGS will be: Net Income will be: Choose... Choose... Choose... Choose... Choose... Choose... 3. Goods in transit at year-end, shipped to a customer "FOB Destination" were recorded as a sale, and were not included in ending inventory. Accounts Receivable will be: Choose... Inventory will be: Accounts Payable will be: Sales will be: COGS will be: Net Income will be: Choose... Choose... Choose... Choose... Choose... 4. Goods in transit at year-end shipped "FOB Destination' by a supplier were recorded as purchase but were excluded from ending inventory. Accounts Receivable will be: Choose... Inventory will be: Accounts Payable will be: Sales will be: COGS will be: Net Income will be: Choose... Choose... Choose... Choose... Choose...