Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Overstated/Understated Amount Merchandise Inventory Current Assets Total Assets Owner's Equity b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 20Y8. Overstated/Understated Amount Income Statement Items Cost of Merchandise Sold Gross Profit Net Income c. If uncorrected, what would be the effect of the error on the 2049 income statement? Income Statement Items Understated/Overstated Amount Cost of Merchandise Sold Check My Work 2 more Check My Work uses remaining Previous Solved: Periodic inventory By Three Metr Answer to Periodic Inventory by Three Methods; Cost of item available for sale during the year we...... system is us and the cost of merchandise sold by three methods. Rol decimal and final answers to the nearest whole dollar. 31 eBook Calculator Print Item Total Assets Owner's Equity b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 2018 Income Statement Items Overstated/Understated Amount Cost of Merchandise Sold Gross Profit Net Income c. If uncorrected, what would be the effect of the error on the 2019 income statement? Income Statement Items Understated/Overstated Amount Cost of Merchandise Sold Gross Profit Net Income d. If uncorrected, what would be the effect of the error on the December 31, 2019, balance sheet? 1. The December 31, 2019, balance sheet would be correct, since the 2048 inventory error reverses itself in 2049. 2. The December 31, 20Y9, balance sheet would be incorrect, since the 2048 inventory error understates the inventory in 2079 3. The December 31, 2019, balance sheet would be incorrect, since the 2048 inventory error overstates the inventory in 2019. Check My Work 2 more Check My Work uses remaining