In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain
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In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventory by $10,000. Determine how this error affects each of the following.
a. Year 1 cost of goods sold
b. Year 1 net income
c. Year 2 cost of goods sold
d. Year 2 net income
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a Overstates Year 1 cost of goods sold b Understates Year 1 net income c Understates Year 2 cost of ...View the full answer
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