The accountant for Suzanne Company made the following errors related to inventory in 2017:
1) The beginning inventory for 2017 was overstated by $1,375 due to an error in the physical count.
2) A $1,650 purchase of merchandise on credit in 2017 was not recorded or included in the ending inventory.
Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net income be affected in 2017 by these errors?

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The Answer of The accountant for Suzanne Company made the following errors related to inventory in 2017:
1) The beginning inventory for 2017 was overstated by $1,375 due to an error in the physical count.
2) A $1,650 purchase of merchandise on credit in 2017 was not recorded or included in the ending inventory.
Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net income be affected in 2017 by these errors?

The Accountant for Suzanne Company Made the Following Errors Related