Question: Exercise 2 0 - 2 4 ( Static ) Inventory errors [ LO 2 0 - 6 ] For each of the following inventory errors

Exercise 20-24(Static) Inventory errors [LO20-6]
For each of the following inventory errors occurring in 2024, determine the effect of the error on 2024s cost of goods sold, net income, and retained earnings. Assume that the error is not discovered until 2025 and that a periodic inventory system is used. Ignore income taxes.
U = UnderstatedO = OverstatedNE = No effect

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