An Error in the Physical Count of Goods on Hand $\quad$

question 92

Multiple Choice

An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is
Cost of Goods Sold $\quad$ Profit

• A) Understated\(\quad \)\(\quad \) Understated
• B) Overstated \(\quad \)\(\quad \)Overstated
• C) Understated \(\quad \)\(\quad \)Overstated
• D) Overstated \(\quad \)\(\quad \)Understated

Compute fixed costs from total costs and variable costs.

Understand the distinction between accounting profit and economic profit.

Calculate accounting profit using total revenue and explicit costs.

Differentiate between short-run and long-run costs in the context of variable and fixed inputs.

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Definitions:

Empowers Employees

Refers to giving employees the authority, confidence, and resources to make decisions and contribute to the organization’s success.

Physical Condition

The state of someone's or something's body or physical structure, often implying a level of health or fitness.

Stressful Situations

Scenarios that cause stress or anxiety, often requiring careful handling or adaptation.

Art Of Negotiation

The skillful practice of reaching mutually beneficial agreements or resolving disputes, involving techniques such as persuasion, strategic planning, and compromise.