In the Following Questions, Inventory Errors Are Noted for 2009

question 94

Essay

In the following questions, inventory errors are noted for 2009. Assume that the errors are not discovered until 2010, and that the company uses a periodic inventory system. Indicate the effect of the error, if any, on the accounts noted in the columns, using the following code:
U = understated; O = Overstated; NE = No effect

- $$\begin{array} { | c | c | c | } \hline \text { Error } & \text { Cost of goods sold } & \text { Retained earnings } \\\hline \text { Double counted items in ending inventory } & & \\\hline\end{array}$$

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Definitions:

Epicatechin

A flavanol, a type of natural phenol and antioxidant, found in certain plants such as cocoa and green tea.

Muscle Cells

Specialized cells also known as myocytes, they contract and relax to produce movement and are an essential component of the muscular system.

Epicatechin

A type of flavonoid found in certain plants such as green tea and cocoa, known for its antioxidant properties and potential health benefits.

Compounds Class

Categories or groups of chemical substances classified based on common properties or structural features.