Thinking Question (8 marks T/D) For each of the independent events listed below, using a periodic inventory system analyze the impact on the indicated items at the end of the current year by placing the appropriate code letter in the box under each item. I Code: 0 = item is overstated. U = item is understated. NA = item is not affected Items Events Owner's Equity Cost of Goods Sold Net Income Assets 1. The ending inventory in the previous period was overstated. 2. A physical count of goods on hand at the end of the current year resulted in some goods being counted twice. 3 Goods purchased on account in December of the current year and shipped FOB destination were recorded as purchases, but were not included in the count of goods on hand on December 31 because they had not arrived by December 31 4 Goods purchased on account in December of the current year and shipped FOB shipping point were recorded as purchases but were not included in the count of goods on hand on December 31 because they had not arrived by December 31