You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2018, you discover the following errors related to the 2016 and 2017 financial statements a. Inventory at December 31, 2016, was understated by $6,000. b. Inventory at December 31, 2017, was overstated by $9,000. c. On December 31, 2017, inventory was purchased for $3,000. The company did not record the purchase until Page 510 the inventory was paid for early in 2018. At that time, the purchase was recorded by a debit to purchases and a credit to cash The company uses a periodic inventory system