Thanks so much!

Please analyze the following errors: In computing ending inventory, we used fifo instead of the appropriate lifo method in 2016 when prices were rising. We used the conect method (ifo) in 2017. Complete this chart assuming that the client booked the transaction exactly as described above. Use O (overstated), U (understated) or NE (no effect). Show your work here: 2016 2017 Beginning Inventory Cost of Goods Available Ending Inventory Cost of Goods Sold Net Income If we do not make any corrections at a what is the situation in the following accounts? 12/31/2016 12/31/2017 Ending Inventory Work Capital (CA-CL Cost of Goods Sold Retained Earnings If the books are still open at 12/31/2016 and we wish to make an entry to correct this problem, what entry should we record? If we don't correct the entry in 2016, which financial statements have errors on them? (explain)