At December 31, 2024, Stevenson Company overstated ending inventory by $36,000. How does this error alléct cost OA. Understates cost of goods sold and overstates net income OB. Overstates both cost of goods sold and net income OC. Overstates cost of goods sold and understates net income OD. Leaves both cost of goods sold and net income correct because the errors cancel each other.

At December 31, 2024, Stevenson Company overstated ending inventory by $36,000. How does this error alléct cost OA. Understates cost of goods sold and overstates net income OB. Overstates both cost of goods sold and net income OC. Overstates cost of goods sold and understates net income OD. Leaves both cost of goods sold and net income correct because the errors cancel each other.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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