Question: 17. Assuming that ending inventory for 20x5 was understated, indicate whether each of the following will be understated (U), overstated (O), or not affected (N).

17. Assuming that ending inventory for 20x5 was understated, indicate whether

17. Assuming that ending inventory for 20x5 was understated, indicate whether each of the following will be understated (U), overstated (O), or not affected (N). 4 1. Beginning inventory for 20x5 2. Cost of goods sold for 20x5 3. Owners' equity at the end of 20x6 4. Income before income taxes for 20x6 5. Owners' equity at the end of 20x5 6. Cost of goods sold for 20x6 7. Income before income taxes for 20x5 IF

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