Question: Question #4: In taking a physical inventory at the end of year 2017, Sylvia Company forgot to count certain units. Explain how this error affects

Question #4: In taking a physical inventory at the end of year 2017, Sylvia Company forgot to count certain units. Explain how this error affects the following items. Are they over-stated, under-stated, properly stated? Explain your answer. a) 2017 Cost of Goods Sold b) 2017 Gross Profit c) 2017 Net Income d) The combined 2 year income e) Income for years after 2018

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