An error in the physical count of goods on hand at the end of a period resulted in a $15,000 overstatement of the ending inventory. The effect of this error in the current period is $\text { Cost of Goods Sold\quad Net Income }$
a. Understated$\quad$$\quad$$\quad$$\quad$$\quad$Understated
b. Overstated$\quad$$\quad$$\quad$$\quad$$\quad$Overstated
c. Understated$\quad$$\quad$$\quad$$\quad$$\quad$Overstated
d. Overstated$\quad$$\quad$$\quad$$\quad$$\quad$Understated

Question

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The Answer of An error in the physical count of goods on hand at the end of a period resulted in a $15,000 overstatement of the ending inventory. The effect of this error in the current period is $\text { Cost of Goods Sold\quad Net Income }$
a. Understated$\quad$$\quad$$\quad$$\quad$$\quad$Understated
b. Overstated$\quad$$\quad$$\quad$$\quad$$\quad$Overstated
c. Understated$\quad$$\quad$$\quad$$\quad$$\quad$Overstated
d. Overstated$\quad$$\quad$$\quad$$\quad$$\quad$Understated

An Error in the Physical Count of Goods on Hand Cost of Goods SoldNet Income \text { Cost of Goods Sold\quad Net Income } Cost of Goods SoldNet Income

An Error in the Physical Count of Goods on Hand $\text { Cost of Goods Sold\quad Net Income }$