Question: During its 2017 year end inventory count Lamaline Ltd included inventory

During its 2017 year-end inventory count, Lamaline Ltd. included inventory it had received on consignment from a supplier. Lamaline uses a periodic inventory control system. Explain the impact of this error on the following:
a. 2017 ending inventory
b. 2017 cost of goods sold
c. 2017 gross margin
d. 2017 net income

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  • CreatedFebruary 26, 2015
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