please answer 6.7B

Deter) two years. the end of October and if so, prepare the entry. P6.7B (LO 4,5) On March 31, 2020, during the inventory count for Backspring Corporation on its year end date, the warehouse clerk excluded inventory that another company was holding for Backspring on consignment. As a result, the company's inventory count showed the company having less inventory than its accounting records indicated it should have. The accountant adjusted the inventory and cost of the warehouse clerk correctly counted the inventory on March 31, 2021. Instructions Ignoring income tax, indicate the effect of this error (overstated, understated, or no effect) on each of the following at year end: 2021 2020 a. Cash b. Cost of goods sold c. Net income d. Retained earnings e. Ending inventory f. Gross profit margin (30%) g. Inventory turnover (8 times)