Business, 20.04.2020 20:02 rosenthaljaneiah2010
A company's correct ending balance for the inventory account at the end of 20X1 should be $5,000, but the company incorrectly stated it as $3,000. In 20X2, the company correctly recorded its ending balance of the inventory account.
Which one of the following is true?
a) Gross profit is overstated by $2,000 in 20X1.
b) Retained earnings are understated by $2,000 in 20X2.
c) Gross profit is overstated by $2,000 in 20X2.
d) Cost of goods sold is understated by $2,000 in 20X1.
Answers: 3
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A company's correct ending balance for the inventory account at the end of 20X1 should be $5,000, bu...
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