Iona Corporation's ending inventory as of December 31,2015,was overstated by $28,000.Indicate whether each of the following statements relating to the above error is true or false.
_____ a)Cost of goods sold is overstated in 2015 by $28,000.
_____ b)Net Income is overstated in 2015 by $14,000.
_____ c)Retained Earnings at December 31,2015 is overstated by $28,000.
_____ d)Beginning inventory will be understated in 2016 by $28,000.
_____ e)Retained Earnings will not be affected by this error at the end of 2016.

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The Answer of Iona Corporation's ending inventory as of December 31,2015,was overstated by $28,000.Indicate whether each of the following statements relating to the above error is true or false.
_____ a)Cost of goods sold is overstated in 2015 by $28,000.
_____ b)Net Income is overstated in 2015 by $14,000.
_____ c)Retained Earnings at December 31,2015 is overstated by $28,000.
_____ d)Beginning inventory will be understated in 2016 by $28,000.
_____ e)Retained Earnings will not be affected by this error at the end of 2016.

Iona Corporation's Ending Inventory as of December 31,2015,was Overstated by $28,000.Indicate