Oakley Supply Company reports net income of $120,000 in 2014. The ending inventory did not include goods valued at $7,000 that Oakley had consigned to Roberta's Gift Shop.
(1) What is the correct net income for 2014?
(2) What impact will this error have on the statement of financial position at 12/31/14?

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The Answer of Oakley Supply Company reports net income of $120,000 in 2014. The ending inventory did not include goods valued at $7,000 that Oakley had consigned to Roberta's Gift Shop.
(1) What is the correct net income for 2014?
(2) What impact will this error have on the statement of financial position at 12/31/14?

Oakley Supply Company Reports Net Income of $120,000 in 2014