After the physical inventory is completed *

quantities are listed on inventory summary sheets.

quantities are entered into various general ledger inventory accounts.

the accuracy of the inventory summary sheets is checked by the person listing the quantities on the sheets.

unit costs are determined by dividing the quantities on the summary sheets by the total inventory costs.

The evidence required for a reversal of a previous inventory write down would be *

a decline in selling prices.

an increase in selling prices.

an increase in products/ merchandise sold.

a decrease in products/ merchandise sold.

If ending inventory is understated in 2018, the 2019 ending owners equity will be *

correct

overstated.

understated

Owners equity is never affected by an inventory error.