At December 31,2010, Inland Equipment understated ending inventory by $2,800. How does this error affect cost of
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At December 31,2010, Inland Equipment understated ending inventory by $2,800. How does this error affect cost of goods sold and net income for 2010?
a. Overstates cost of goods sold and understates net income
b. Understates costs of goods sold and overstates net income C. Overstates both cost of goods sold and net income
d. Leaves both cost of goods sold and net income correct because the errors cancel each other
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