At the end of 2022 , a $22,000 overstatement was discovered in the 2022 ending...
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Accounting
At the end of 2022 , a $22,000 overstatement was discovered in the 2022 ending inventory as reflected in the inventory records. What were the effects of the $22,000 inventory error (before correction) on the year 2022 financial statements? Multiple Choice Assets were understated by $22,000 and pretax income was overstated by $22,000. Assets were overstated by $22,000 and pretax income was overstated by $22,000. Cost of goods sold was overstated by $22,000 and pretax income was overstated by $22,000. Cost of goods sold was understated by $22,000 and pretax income was understated by $22,000
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