Question: Options for each box: OVERSTATED BY $13,000 OR UNDERSTATED BY $13,000 M7-16 (Supplement 7B) Determining the Financial Statement Effects of Inventory Errors [LO 7-S2] Assume

Options for each box: OVERSTATED BY $13,000 OR UNDERSTATED BY $13,000

Options for each box:

OVERSTATED BY $13,000

UNDERSTATED BY $13,000

M7-16 (Supplement 7B) Determining the Financial Statement Effects of Inventory Errors [LO 7-S2] Assume the 2015 ending inventory of Shea's Shrimp Shack was understated by $13,000. How would this error affect the amounts reported for cost of goods sold and gross profit for 2015 and 2016. 2015 2016 Cost of Goods Sold Gross Profit

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