During 2017, $15,000 of purchases werent recorded. The company uses a periodic inventory system. Explain the impact

Question:

During 2017, $15,000 of purchases weren’t recorded. The company uses a periodic inventory system. Explain the impact of this error on the following:
a. 2017
b. 2017 cost of goods sold
c. 2017 gross margin
d. 2017 net income

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 =...