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Award: 12.00 polnts In taking a physical Inventory at the end of year 2011, Nadir...

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Accounting

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Award: 12.00 polnts In taking a physical Inventory at the end of year 2011, Nadir Company forgot to count certain units. Indicate how this error affects the following: (a) 2011 cost of goods sold. o overstates 2011 cost of goods sold. OUnderstates 2011 cost of goods sold ONone of the above (b) 2011 gross profit. OUnderstates 2011 gross profit. OOverstates 2011 gross profit. O None of the above. (c) 2011 net income. O Understates 2011 net income. O Overstates 2011 net income. ONone of the above. (d) 2012 net income. OUnderstates 2012 net income. o overstates 2012 net income. ONone of the above. (e) The combined two-year income. OThe 2011 and 2012 incorrect net incomes combine to yield an incorrect total income for the two-year perlod. OThe 2011 and 2012 Incorrect net incomes combine to yield a correct total income for the two-year period. () Income for years after 2012. O The 2011 error will affect years after 2012. OThe 2011 error will not affect years after 2012

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