After conducting your end of period physical inventory count, you realize that for several customer orders, the transfer of legal title to the goods in transit was not properly recognized. This situation is an example of an inventory error that will Select answer from the options below not have an effect on the balance sheet and on the income statement if not corrected. have an effect on the balance sheet and on the income statement if not corrected. not need to be disclosed in the financial statement footnotes. need to be disclosed in the financial statement footnotes