It is discovered in 2021 that ending inventory in 2019 was understated. What is the effect of
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It is discovered in 2021 that ending inventory in 2019 was understated. What is the effect of the understatement on the following:
2019: .............Cost of goods sold
.......................Net income
.......................Ending retained earnings
2020: ............Net purchases
.......................Cost of goods sold
.......................Net income
.......................Ending retained earnings
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 =...
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Related Book For 
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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