Business, 15.04.2020 02:10 lilGi0

In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventory by $17,000. Determine how this error effects each of the following. (a) Year 1 cost of goods sold. Overstates Year 1 cost of goods sold. Understates Year 1 cost of goods sold. None of the above. (b) Year 1 net income. Understates Year 1 net income Overstates Year 1 net income None of the above. (c) Year 2 cost of goods sold. Understates Year 2 cost of goods sold. Overstates Year 2 cost of goods sold. None of the above. (d) Year 2 net income. Understates Year 2 net income Overstates Year 2 net income None of the above.

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In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and...