For each of the following inventory errors occuring in 2018, determine the effect of the error on 2018's cost of goods sold, net profit, and retained earnings. Assume that the error is not discovered...

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Extracted text: For each of the following inventory errors occuring in 2018, determine the effect of the error on 2018's cost of goods sold, net profit, and retained earnings. Assume that the error is not discovered until 2019 and that a periodic inventory system is used. Ignore income taxes. U= Understated 0= Overstated NE = No effect Cost of Goods Net Retained Sold Income Earnings 1. Rent expense is understated 2. Overstatement of ending inventory