The following inventory error is noted for $2024.$ Assume that the error is not discovered until $2025,$ and that the company uses a periodic inventory system. Remember this means EI must be counted at the end of the year to determine the balance in EI and COGS. Indicate the effect of the error on EI$,$ Total Assets, COGS, NI$,$ and RE$,$ using the following code:

$U=$ Understand ;$O=$ Overstated ;$NE=$ No effect

$\backslash$table$[[,$Error,EI$,\backslash$table$[[$Total$],[$assets$]],$COGS,NI$,$RE$],[1,\backslash$table$[[$Double counted items in ending$],[$inventory$]],,,,,],[2,$Unrecorded purchases,,,,,$],[3,$Understated beginning inventory,,,,,$],[4,\backslash$table$[[$Ignored purchase of inventory$],[$bought FOB shipping point and was$],[$in transit at year end$]],,,,,],[5,\backslash$table$[[$Recorded purchases for $$523,000$