Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether the payment made for repairs erroneously charged of $1,610 to the Cost of Goods Sold account would overstate (O), understate (U), or not affect (leave blank) the account. The first item of the error is recorded as an example. (Input the amount as a positive value.) Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether not recording sales to customers for $2,964 at December 31 , Year 1 nor the cost of goods sold of $1,473 in the books would overstate (O), understate (U), or not affect (leave blank) the account. The first item of the error is recorded as an example. (Input the amount as a positive value.) Problem b-24A (Algo) ttrect of Inventory errors on financial statements LU b-s The following income statement was prepared for Frame Supplies for Year 1. During the year-end audit, the following errors were discovered: 1. A $1,610 payment for repairs was erroneously charged to the Cost of Goods Sold account. (Assume that the perpetual inventory system is used.) 2. Sales to customers for $2,964 at December 31, Year 1, were not recorded in the books for Year 1. Also, the $1,473 cost of goods sold was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $850. (The Inventory account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether it would overstate (O), understate (U), or not affect (leave blank) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether a mathematical error made in determining ending inventory that understated ending inventory by $850 would overstate (O), understate (U), or not affect (leave blank) the account. The first item of the error is recorded as an example. (Input the amount as a positive value.) PROBLEM 5-20A