Question: The ending inventory for Carver Co. was incorrectly adjusted, which caused it to be understated by $15,300 for 2016. Required Was each of the following

The ending inventory for Carver Co. was incorrectly adjusted, which caused it to be understated by $15,300 for 2016.

Required

Was each of the following amounts overstated, understated, or not affected by the error?

Item No Year Amount 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 Beginning inventory Purchases Goods available for sale Cost of goods sold Gross margin Net income Beginning inventory Purchases Goods available for sale Cost of goods sold Gross margin Net income 10 12

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