Assume the 2014 ending inventory of Shea's Shrimp Shack was understated by $10,000. Explain how this error

Question:

Assume the 2014 of Shea's Shrimp Shack was understated by $10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2014 and 2015?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...