Question: Assume Smart Touch Learning understated its ending merchandise inventory on December 31, 2015 by $20,000. Which of the following is true? (check all that apply)

Assume Smart Touch Learning understated its ending merchandise inventory on December 31, 2015 by $20,000. Which of the following is true? (check all that apply) A. Beginning merchandise inventory. for 2016 will be understated by $20,000 B. Cost of goods sold for 2015 will be overstated by $20,000 C. Net income for 2015 will be overstated by $20,000 D. Gross profit for 2015 will be overstated by $20,000

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