Vanida Company understated its 2016 ending inventory by $27,000. Determine the impact this error has on ending

Question:

Vanida Company understated its 2016 by $27,000. Determine the impact this error has on , cost of goods sold, and owner’s equity in 2016 and 2017.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...