Required information Exercise 6-20 (Static) Find financial statement effects of understatement in ending inventory (LO6-9) [The following information applies to the questions displayed below] Mulligan Corporation purchases inventory on account with terms FOB shipping point. The goods are shipped on December 30, 2024, but do not reach Mulligan until January 5, 2025. Mulligan correctly records accounts payable associated with the purchase but does not include this inventory in its 2024 ending inventory count. Exercise 6-20 (Static) Part 1 Required: 1. State whether an error has been made. Yes No