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question 9 8 effects of inventory error assume that the ending inventoryof a merchan 4290362

Question

9.8 Effects of inventory error Assume that the ending inventoryof a merchandising firm is overstated by $ 20,000. Required: a. Byhow much and in what direction (overstated or understated) will thefirm’s cost of goods sold be misstated? b. If this error is notcorrected, what effect will it have on the subsequent period’soperating income? c. If this error is not corrected, what effect itwill have on the total operating income of the two periods (theperiod in which there is an error and the subsequent period)combined.

 

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