The following income statement was prepared for Frame Supplies for Year 1 : During the year-end audit, the following efrors were discovered: 1. A $2,500 payment for repairs was erroneously charged to the Cost of Goods Sold account. (Assume that the perpetual inventory system is used.) 2. Sales to customers for $1,800 at December 31, Year 1 , were not recorded in the books for Year 1 . Also, the $980 cost of goods sold was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The Inventory account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether it would overstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the doliar amount of the effect and state whether the payment made for repairs erroneously charged $2,500 to the Cost of Goods Sold account would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Notes input the amount as a positive value. was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The Inven account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, If any, of each of the errors on the following items. Glve the dollar amount of the effect and whether it w overstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the doliar amount of the effect and state whether the payment made for repairs erroneously charged $2,500 to the Cost of Goods Sold account would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Note: Input the amount as a positive value. was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The In account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether overstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether Sales to customers for $1,800 at December 31 , Year 1 , along with its cost of goods sold $980 not recorded in the books would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Note: Input the amount as a positive value. was not recorded. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The Inver account was mistakenly written down to the Cost of Goods Sold account.) equired etermine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether it verstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether a mathematical error made in determining ending inventory understating the same by $2,150 would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Note: Input the amount as a positive value. The following income statement was prepared for Frame Supplies for Year 1 : During the year-end audit, the following efrors were discovered: 1. A $2,500 payment for repairs was erroneously charged to the Cost of Goods Sold account. (Assume that the perpetual inventory system is used.) 2. Sales to customers for $1,800 at December 31, Year 1 , were not recorded in the books for Year 1 . Also, the $980 cost of goods sold was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The Inventory account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether it would overstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the doliar amount of the effect and state whether the payment made for repairs erroneously charged $2,500 to the Cost of Goods Sold account would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Notes input the amount as a positive value. was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The Inven account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, If any, of each of the errors on the following items. Glve the dollar amount of the effect and whether it w overstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the doliar amount of the effect and state whether the payment made for repairs erroneously charged $2,500 to the Cost of Goods Sold account would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Note: Input the amount as a positive value. was not recorded. 3. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The In account was mistakenly written down to the Cost of Goods Sold account.) Required Determine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether overstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether Sales to customers for $1,800 at December 31 , Year 1 , along with its cost of goods sold $980 not recorded in the books would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Note: Input the amount as a positive value. was not recorded. A mathematical error was made in determining ending inventory. Ending inventory was understated by $2,150. (The Inver account was mistakenly written down to the Cost of Goods Sold account.) equired etermine the effect, if any, of each of the errors on the following items. Give the dollar amount of the effect and whether it verstate (O), understate (U), or not affect (NA) the account. The first item for each error is recorded as an example. Complete this question by entering your answers in the tabs below. Give the dollar amount of the effect and state whether a mathematical error made in determining ending inventory understating the same by $2,150 would overstate (O), understate (U), or not affect (NA) the account. The first item of the error is recorded as an example. Note: Input the amount as a positive value