Evaluate Each Inventory Error Separately and Determine Whether It Overstates

question 27

Essay

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

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