Error in physical count in an auction company (consignee): goods held on consignment ($15,000) were...
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Accounting
Error in physical count in an auction company (consignee): goods held on consignment ($15,000) were included in physical inventory in 2019. Identify whether the following accounts are overstated, understated, or unaffected in 2019 and 2020 as a result of this inventory error.
2019 2020
Beg Inventory
+ Purchase
-End Inventory
=COGS
Total Assets
Net Income
Retained Earnings
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