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 understated 
Definitions:
Leader Values
The core beliefs and principles that guide a leader's behavior and decision-making process.
Nature-Nurture Approach
A theoretical framework that examines the interaction between an individual's inherited traits (nature) and their life experiences (nurture) in shaping their behavior and personality.
Trait Approach
A theory of leadership that suggests certain inherent personality traits and characteristics contribute to effective leadership.
Behavior Approach
A focus on observable behaviors and external stimuli in understanding human actions, rather than internal thoughts and feelings.
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