What is the effect on net income for year 3? Plowman Partners made the following errors in recording endinginventory: understated by $600 in year and overstated by $700 in Year2. Based on this information, what is the effect on net income for Year3?A. $700 overstated.B. $700 understated.C. $100 overstated.D. $1,300 understated.

Step 1: Definition of Accounting ErrorAn accounting error refers to a mistake in financial records…

Answered: Plowman Partners made the following…

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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Plowman Partners made the following errors in recording ending inventory: understated by $600 in year and overstated by $700 in Year 2. Based on this information, what is the effect on net income for Year 3? A. $700 overstated. B. $700 understated. C. $100 overstated. D. $1,300 understated.