Oriole Company understated its 2021 ending inventory by $30,300. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2021 and 2022. Ending inventory Cost of goods sold Owner's equity Understated Overstated Understated v 2021 EA EA EA 00 No Effect No Effect < 2022 GA GA ta 00

Oriole Company understated its 2021 ending inventory by $30,300. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2021 and 2022. Ending inventory Cost of goods sold Owner's equity Understated Overstated Understated v 2021 EA EA EA 00 No Effect No Effect < 2022 GA GA ta 00

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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