An error was made in the computation of the stage of completion of the current year's ending work in process inventory.The error resulted in assigning a lower stage of completion to each component of the inventory than actually was the case.What is the resultant effect of this error upon: (1) (2) (3)
A)Understate Overstate Overstate
B)Understate Understate Overstate
C)Overstate Understate Understate
D)Overstate Overstate Understate

Question

An error was made in the computation of the stage of completion of the current year's ending work in process inventory.The error resulted in assigning a lower stage of completion to each component of the inventory than actually was the case.What is the resultant effect of this error upon:  ​ (1) (2) (3)
A)Understate Overstate Overstate 
B)Understate Understate Overstate 
C)Overstate Understate Understate 
D)Overstate Overstate Understate

Quizplus · Accepted Answer

The Answer of An error was made in the computation of the stage of completion of the current year's ending work in process inventory.The error resulted in assigning a lower stage of completion to each component of the inventory than actually was the case.What is the resultant effect of this error upon:  ​ (1) (2) (3)
A)Understate Overstate Overstate 
B)Understate Understate Overstate 
C)Overstate Understate Understate 
D)Overstate Overstate Understate

An Error Was Made in the Computation of the Stage