orites here, select then *, and drag to the Favorites Bar folder. Or impo 2. QUESTION 29 Atomic Company did not record a December 2016 purchase of inventory on credit until January 2017. Assume that the December 31, 2016 ending inventory was correctly determined. What is the effect of this error on the financial statements for the year ended December 31, 2016? O Net income is correct. O Current assets are understated. O Stockholders equity is understated O Net income is overstated. QUESTION 30 2.5 po Which of the following statements is incorrect? A year-end purchase of inventory increases the LIFO cost of goods sold when unit costs are increasing year-end purchase of inventory does not affect the