Repeat M7 16, except assume the 2015 ending inventory was over stated by $ 100,000 Refer M7 16 Assume the 2015 ending inventory of Sheas 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

Question: Repeat M7-16, except assume the 2015 ending inventory was over stated by $ 100,000. Refer M7-16 Assume the 2015 ending inventory of Sheas Shrimp Shack

Repeat M7-16, except assume the 2015 was over stated by $ 100,000.
Refer M7-16
Assume the 2015 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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