Question: In taking a physical inventory at the end of year

In taking a physical inventory at the end of year 2009, Peña Company erroneously forgot to count certain units. Explain how this error affects the following:
(a) 2009 cost of goods sold,
(b) 2009 gross profit,
(c) 2009 net income,
(d) 2010 net income,
(e) The combined two-year income,
(f) Income for years after 2010.

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  • CreatedMarch 18, 2015
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