Indicate in each of the spaces provided the effect of the described errors on the various elements of a company's financial statements as of 12/31/17. Use the following codes: O = amount is overstated; U = amount is understated; NE = no effect. (All sales and purchases are on credit.) EXAMPLE: Excluded goods in rented warehouse from inventory count as of 12/31/17. Accts Receivable (AR) NE Inventory(Inv) U. Accts Payable(AP) NE Net Income(NI) U Working Capital (WC) U 1.Goods held on consignment at 12/31/17 were included in the physical count of inventory and recorded as a purchase. AR Inv AP NI & WC