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In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error affects the following:
In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error affects the following: |
(a) | 2013 cost of goods sold. | ||||||
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(b) | 2013 gross profit. | ||||||
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(c) | 2013 net income. | ||||||
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(d) | 2014 net income. | ||||||
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(e) | The combined two-year income. | ||||
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(f) | Income for years after 2014. | ||||
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