Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2019, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2020 financial reporting? O a. Gross margin is understated by $1,000. O b. Cost of goods available for sale is overstated by $1,000. O c. Cost of sales is understated by $1,000. O d. Beginning inventory is overstated by $1,000. ABC Inc. had the following inventory misstatements as at the end of its 2019 and 2020 fiscal years: End of year 1: Inventory Overstated by $350,000 End of year 2: Inventory Understated by $200,000 As a result of the above, ABC's Year 2 Cost of Goods sold was: O a. $200,000 Overstated. O b. $550,000 Overstated O c. $350,000 Overstated. O d. $150,000 Understated. ABC Inc. mistakenly recorded some of its Year 1 inventory purchases in Year 2. As a result of this, what would be the effect on the company's Year 2 Cost of Goods Sold and Year 2 Ending Retained Earnings? Cost of Goods Sold: Retained Earnings A. B. C. D. Overstated Overstated Understated Overstated Understated. No effect No effect Overstated O a. Overstated Understated. O b. Overstated No effect O c. Understated No effect O d. Overstated Overstated. How is a revaluation decrease on non-current assets accounted for? O a. Revaluation decrease is booked to profit and loss. O b. Revaluation decrease is booked to other comprehensive income. OC. Revaluation decrease is booked to profit and loss or to other comprehensive income, depending on any pre-existing revaluation surplus. O d. Revaluation decrease is not recognized in other comprehensive income