Evaluate each inventory error separately and determine whether it overstates or understates cost of goods sold and net income. 
Definitions:
Life Insurance
An insurance contract that provides monetary compensation for losses suffered by another’s death.
Beneficiary
A third party receiving benefits from a contract made between two other parties. Also, the person named in an insurance policy to receive benefits paid by the insurer in event of a claim.
Fire Insurance Policy
A contract that provides coverage against losses or damages caused by fire to property.
Premium
The consideration paid by the insured to the insurer for insurance protection.
Q24: A company had 14 units of inventory
Q28: MacKenzie Company sold $180 of merchandise to
Q30: What types of costs are assigned to
Q59: A company markets a climbing kit and
Q99: An analysis that explains differences between the
Q138: Explain why the lower of cost or
Q157: When a voucher system is used, an
Q165: A company's gross profit was $83,750 and
Q183: A salary owed to employees is an
Q200: Whether prices are rising or falling, FIFO