State the effects of inventory errors on cost of goods sold and net income for periods 1 and 2. The response should be overstated or understated.
Period 1 Ending Merchandise Inventory is understated

Question

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The Answer of State the effects of inventory errors on cost of goods sold and net income for periods 1 and 2. The response should be overstated or understated.
Period 1 Ending Merchandise Inventory is understated

State the Effects of Inventory Errors on Cost of Goods