Business, 12.11.2019 21:31 shifaxoxoxo

In taking a physical inventory at the end of year 2017, grant company forgot to count certain units. indicate how this error affects the following: (a) 2017 cost of goods sold. overstates 2017 cost of goods sold. understates 2017 cost of goods sold. none of the above. (b) 2017 gross profit. understates 2017 gross profit. overstates 2017 gross profit. none of the above. (c) 2017 net income. understates 2017 net income. overstates 2017 net income. none of the above. (d) 2018 net income. understates 2018 net income. overstates 2018 net income. none of the above. (e) the combined two-year income. the understated 2017 net income and the overstated 2018 net income combine to yield a correct total income for the two-year period. the understated 2018 net income and the overstated 2017 net income combine to yield a correct total income for the two-year period. (f) income for years after 2018. the 2017 error will affect years after 2018. the 2017 error will not affect years after 2018.

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In taking a physical inventory at the end of year 2017, grant company forgot to count certain units....