View Policies Current Attempt in Progress From the following, identify if the transaction results in an understatement or overstatement of net income reported on the statement of income for the year ended December 31, 2022 for Jackson Enterprises Ltd, or if net income is unaffected. Jackson Enterprises Ltd. Uses a periodic inventory system and the FIFO formula for determining the cost of inventory a. b. Overstated Unaffected Understated . During a physical inventory count at the end of the year, Jackson employees missed counting an entire shelf of merchandise. Goods rchased by Jackson in December were shipped FOB shipping point but have not been received by Jackson at December 31, Jackson employees included these ods in inntory, The inventory count on December 31st did not include $50,000 in merchandise sold that was in transit, FOB destination A transposition error was made when recording an inventory purchase in December Purchases was recorded as $55,400 when it should have been $54,500 Jackson included in its ending inventory for the year goods with a cost of $24,000 that they are selling on consignment for JTT Industries. Jackson consigned goods that it was unable to sell to Hobbit Company totalling $37,000. These consigned goods were included in inventory d. f