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*Question 1.48 2 points Errors in ending inventory will affect: O owners equity only O both the income statement and the balance sheet O income statement only O balance sheet only Question 1.49 If an error occurs in ending inventory, it will cause a misstatement in all of the following except 2 points O cost of merchandise sold O net income O current assets O long term liabilities. Question 1.50 2 points Which inventory costing method better matches current costs with sales revenue on the income statement but results in older values being used to report inventory on the balance sheet? FIFO O Specific identification O Weighted average