Question: 2) Evaluate each inventory error separately and determine whether it overstates or understates cost of goods sold and net income. Inventory error: Cost of goods

2) Evaluate each inventory error separately and determine whether it overstates or understates cost of goods sold and net income.

Inventory error:

Cost of goods sold is:

Net income is:

Understatement of beginning inventory

Understatement of ending inventory

Overstatement of beginning inventory

Overstatement of ending inventory

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