Question: Assume that counting errors caused the ending inventory in 2011 to be understated by $50 and the ending inventory in 2012 to be overstated by

Assume that counting errors caused the ending inventory in 2011 to be understated by $50 and the ending inventory in 2012 to be overstated by $50. a. Compute the impact of these errors on cost of goods sold for the year ending Dee 31, 2011. What are the correct COGS and gross profit for the year? b. Compute the impact of these errors on cost of goods sold for the year ending Dee 31, 2012. What are the correct COGS and gross profit for the year

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