Question

For each of the following inventory errors occurring in 2011, determine the effect of the error on 2011's cost of goods sold, net income, and retained earnings. Assume that the error is not discovered until 2012 and that a periodic inventory system is used. Ignore income taxes.
U = Understand
O = Overstated
NE = No Effect

.:.


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  • CreatedJuly 02, 2013
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