Question 3 9 Points Indicate in each of the spaces provided the effect of the described errors on Ending Inventory, Cost of Goods Sold, Net Income, Retained Earnings, Total Assets, Total Liabilities, Working Capital, and the Current Ratio. Use the following codes: O amount is overstated; U = amount is understated: NE = no effect. Assume a periodic inventory system and that the current ratio is currently over 1.0. HINT: Think through these to determine if ending inventory or purchases are understated or overstated. Also, it may be helpful, in some cases, to create numbers and test the outcomes. 1. Goods in transit shipped ".0.b. destination" by a supplier (tous) were recorded as a purchase but were excluded from ending Inventory The inventory had already arrived. 2. Goods held on consignment were included in the inventory count and recorded as a purchase. 3. Goods in transit shipped "fo.b. shipping point" (to a buyer) were recorded as a sale and were included in ending Inventory Use a Word Document or Excel Spreadsheet to prepare your answers. As an alternative, you can prepare your answers on paper and either scan your work into a PDF or take a photo of the paper and submit. Please submit the file below. Use the editor to format your