Janus Company understated its 2016 ending inventory by $31,000 Determine the impact this error has on ending inventory , cost of goods sold, and stockholders ' equity in 2016 and 2017 ...

Determination of effects in inventory errors is given below There are two forms of inventory errors ...

Janus Company understated its 2016 ending inventory by $31,000. Determine the impact this error has on ending

Question:

Janus Company understated its 2016 by $31,000. Determine the impact this error has on , cost of goods sold, and stockholders' equity in 2016 and 2017.
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 =...