Evaluate Each Inventory Error Separately and Determine Whether It Overstates

question 252

Essay

Evaluate each inventory error separately and determine whether it overstates or understates cost of goods sold and net income.
$$\begin{array} { | l | l | l | } \hline \text { Inventory error: } & \text { Cost of goods sold is: } & \text { Net income is: } \\\hline \text { Understatement of beginning inventory } & & \\\hline \text { Understatement of ending inventory } & & \\\hline \text { Overstatement of beginning inventory } & & \\\hline \text { Overstatement of ending inventory } & & \\\hline\end{array}$$

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