1) An overstatement of the beginning inventory results in

Group of answer choices

a need to adjust purchases.

an overstatement of net income.

an understatement of net income.

no effect on the periods net income.

2) Under FOB destination, what is a journal entry of Seller for freight charges

Group of answer choices

Debit to Freight-in expense

3) An overstatement of ending inventory in one period results in

Group of answer choices

an understatement of net income of the next period.

an overstatement of the ending inventory of the next period.

an overstatement of net income of the next period.

no effect on net income of the next period.

Debit to Allowance to reduce inventory

Debit to Inventory

Debit to Freight-Out expense