Argyle Company Failed to Include a Number of Inventory Items

question 58

Multiple Choice

Argyle Company failed to include a number of inventory items in the inventory count at the end of the last period.Assuming no other inventory errors,the effect on the current period is

• A)an overstatement of gross profit.
• B)an understatement of COGS.
• C)an overstatement of ending inventory.
• D)an understatement of net income.

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Definitions:

Bx

Biopsy, a medical test involving the extraction of sample cells or tissues for examination to determine the presence or extent of a disease.

Immunomodulators

Substances that adjust the immune response to a desired level, used especially in autoimmune diseases and organ transplantation.

Staphylococcus

A group of bacteria, often causing skin infections and sometimes pneumonia, septicemia, and endocarditis.

ID

Often refers to identification, a means of proving a person's identity.