Barnett Manufacturing uses the periodic method to account for its inventory of raw materials. A physical countwas completed on the afternoon of December 31, 20Y4. Determine whether the following transactions createany 20Y4 inventory related errors in the financial statement elements below. Indicate the dollar value of any errorand whether the account is overstated (O), understated (U), or if the transaction has no effect on the accountlisted (NE). No carry forward credit will be given for this problem.