Concord Company understated its 2022 ending inventory by $31,600. Determine the impact this error has...
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Concord Company understated its 2022 ending inventory by $31,600. Determine the impact this error has on ending inventory, cost of goods sold, and owners equity in 2022 and 2023.
| 2022 | 2023 | |||
|---|---|---|---|---|
| Ending inventory | select an effect UnderstatedNo EffectOverstated | select an effect OverstatedUnderstatedNo Effect | ||
| Cost of goods sold | select an effect UnderstatedNo EffectOverstated | select an effect No EffectOverstatedUnderstated | ||
| Owners equity | select an effect UnderstatedNo EffectOverstated | select an effect OverstatedNo EffectUnderstated |
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