State the Effects of Inventory Errors on Cost of Goods

question 3

Essay

State the effects of inventory errors on cost of goods sold and net income for periods 1 and 2.The response should be overstated or understated.
Period 1 Ending Merchandise Inventory is overstated

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Definitions:

Performance Management

A continuous process of setting objectives, assessing progress, and providing ongoing feedback and coaching to ensure that employees meet their career and organizational goals.

Performance Objectives

Specific, measurable goals that an individual or organization is attempting to achieve.

Performance Management Strategies

Plans and methods implemented by organizations to monitor, evaluate, and enhance the performance of employees.

Middle Performers

Employees who achieve or exceed the basic requirements of their job roles but do not consistently perform at the highest levels within an organization.