For each of the following inventory errors occurring in $2024,$ determine the effect of the error on $2024\text{'}$s cost of goods sold, net income, and retained earnings. Assume that the error is not discovered until $2025$ and that a periodic inventory system is used. Ignore income taxes.

$U=$ Understated $O=$ Overstated $NE=$ No effect

$\backslash$table$[[\backslash$table$[[$Inventory Error$],[($Example$)1.$ Overstatement of ending inventory.$]],],[2.$ Overstatement of purchases.,$\backslash$table$[[$Netained Income$],[$Earnings$]]],[3.$ Understatement of beginning inventory.,$],[4.$ Freight$-$in charges are understated.,$],[5.$ Understatement of ending inventory.,$],[6.$ Understatement of purchases.,$],[7.$ Overstatement of beginning inventory.,$],[8.$ Understatement of purchases and understatement of ending inventory, by the same amount.,$]]$