Question 3 Inventory errors ( 15 points, 30@0.5 points each) Indicate in each of the spaces provided the effect of the described errors on the various elements of a company's financial statements. All sales and purchases are on credit. Assume a periodic inventory system. Use the following codes: O= amount is overstated; U= amount is understated; NE = ma offont Question 3 Inventory errors ( 15 points, 30@0.5 points each) Indicate in each of the spaces provided the effect of the described errors on the various elements of a company's financial statements. All sales and purchases are on credit. Assume a periodic inventory system. Use the following codes: O= amount is overstated; U= amount is understated; NE = ma offont