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M7-16 (Supplement 7B) Determining the Financial Statement Effects of Inventory Error Assume the 2015 ending inventory of Shea's Shrimp Shack was understated by $7,000. How
M7-16 (Supplement 7B) Determining the Financial Statement Effects of Inventory Error Assume the 2015 ending inventory of Shea's Shrimp Shack was understated by $7,000. How would this error affect the amounts reported for cost of goods sold and gross profit for 2015 and 2016. 2015 2016 Cost of Goods Sold Gross Profit
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