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In early 2021, Ice Company's auditors discovered that its 2020 inventory was overstated at year-end. The auditors are requiring Ice Company to make an

In early 2021, Ice Company's auditors discovered that its 2020 inventory was overstated at year-end. The auditors are requiring Ice Company to make an adjusting entry to correct this error, which is considered material for reporting purposes. Ignoring tax effects, which of the following journal entries should Ice Company record? Dr. Net Income Cr. Inventory Dr. COGS Cr. Inventory Dr. Inventory Cr. Retained Earnings Dr. Retained earnings Cr. Inventory

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