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Failure to record merchandise purchased in 2017. Merchandise was also omitted from ending inventory in 2017 but was not yet sold. This resulted in: understatement

Failure to record merchandise purchased in 2017. Merchandise was also omitted from ending inventory in 2017 but was not yet sold. This resulted in:

understatement of 2017 net income and no effect on 2018 net income

no effect on 2017 net income and understatement of 2018 net income.

understatement of 2017 net income and overstatement of 2018 net income

no effect on 2017 net income and overstatement of 2018 net income.

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