#25,26&27

A) FIFO method. B) LIFO method. C) average-cost method. D) tax method. 25. Understating beginning inventory will understate A) assets. B) cost of goods sold. net income. D) stockholder's equity. 26. If beginning inventory is understated by $13.000, the effect of this error in the current period is Cost of Goods Sold Net Income Understated Understated Overstated Overstated Understated Overstated Overstated Understated 27. Overstating ending inventory will overstate all of the following except A) assets. B) cost of goods sold. C) net income. D) stockholder's equity