If BJC's beginning inventory in the current year is overstated,and that is the only error in the current year,then BJC's income for the current year will be:

Question

Quizplus · Accepted Answer

An overstated beginning inventory increases the cost of goods sold, which decreases net income. However, since the error is in the beginning inventory, it does not affect the current year's ending inventory or assets.

If BJC's Beginning Inventory in the Current Year Is Overstated,and