Question: Repeat M7 16 except assume the 2015 ending inventory was over

Repeat M7-16, except assume the 2015 ending inventory was over stated by $ 100,000.
Refer M7-16
Assume the 2015 ending inventory of Shea’s Shrimp Shack was understated by $ 10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2015 and 2016.

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  • CreatedNovember 02, 2015
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