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  3. a company understated its ending inventory balance

A company understated its ending inventory balance by $6,000 in 2021. What impact will this...

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Accounting

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A company understated its ending inventory balance by $6,000 in 2021. What impact will this error have on cost of goods sold and gross profit in 2021 and 2022? 2021 Cost of goods sold Gross profit 2022 Cost of goods sold Gross profit A company overstated its ending inventory balance by $4,000 in 2021. What impact will this error have on total assets and retained earnings in 2021 and 2022 (ignoring tax effects)? 2021 Total assets Retained earnings 2022 Total assets Retained earnings

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