Evaluate the errors: (All sales and purchases are on credit.) Indicate in each of the spaces provided the effect of the described errors on the various elements of a company's financial statement Use the following codes: 0 = amount is overstated; U = amount is understated; NE = no effect. Assume a periodic inventory system Goods in transit shipped "f.o.b.destination" by supplier were recorded as a purchase but were excluded from ending inventory. Goods held on consignment were included in inventory count and recorded as a purchase. Goods in transit shipped "f.o.b. shipping point" were not recorded as a sale and were included in ending inventory. Goods were shipped and appropriately excluded from ending inventory but sale was not recorded