Ending Inventory for the Current Accounting Period Is Overstated by $2,700

question 50

Multiple Choice

Ending inventory for the current accounting period is overstated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income?

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Definitions:

Variations

Differences or deviations in instances or items from a common standard or form.

Physiological Disease

A disease or disorder that involves the functioning of organs and biological systems within the body.

Paralanguage

The non-verbal elements of communication used to convey emotion and nuance in spoken language, such as tone, pitch, volume, and speed.

Nonverbal Communication

Involves the transmission of messages or signals through a non-linguistic means, such as facial expressions, body language, and gestures.