As of the fiscal 2018 year-end, a company unknowingly overstated its ending inventory

RequiredIndicate how, if at all, the companys overstatement of its fiscal 2018 ending inventory affected each of the financial statement elements listed below as follows:

If the element was overstated as a result of the error, enter OVER in the blank provided.

If the element was understated as a result of the error, enter UNDER in the blank provided.

If the element was neither overstated nor understated as a result of the error, i.e., if the element was correctly stated despite the error, enter NONE in the blank provided.

Income Statements:

Balance Sheets:

Fiscal 2018 Fiscal 2019 Sales revenue Cost of goods sold Gross profit Income before income taxes Income tax expense Net income Fiscal 2018 Fiscal 2019 Accounts receivable Inventory Accounts payable Retained earnings