ACCT 5110 Spring 2021 Question 5 Maila Ltd. has a December 31 year end and uses a periodic inventory system. The following errors were discovered in 2020: 1. The December 31, 2018 ending inventory was overstated by $50,000. 2. Inventory purchased on account in 2019 was recorded on the books for the first time in January 2020, when the original invoice for the correct amount of $2,000 arrived. The inventory had arrived on December 29, 2019 and was included in the December 31, 2019 ending inventory count. 3. Inventory, valued at $8,000, held on consignment by Eureka was included in the December 31, 2019 count. Instructions: a. Calculate the effect of each error on the 2019 net income. b. Calculate the effect, if any, that each error had on the related December 31, 2019 balance sheet items. Show ALL calculations for full marks