Question: The ending inventory for Oak Co. was incorrectly adjusted, which caused it to be understated by $18,500 for 2013. Required Was each of the following

The for Oak Co. was incorrectly adjusted, which caused it to be understated by $18,500 for 2013.

ending inventory for Oak Co. was incorrectly adjusted, which">

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

Item No. Year Amount 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2014 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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