For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Indicate an understatement (U), an...

For each of the following independent situations, fill in the blanks to indicate the effect of the
error on each of the various financial statement items. Indicate an understatement (U), an overstatement (O), or no effect (NE). Assume that each of the companies uses a periodic inventory
system.