Sean Company’s beginning inventory at January 1, 2004 was understated by P45,500,and its ending inventory was overstated by P91,000. As a result, Sean Company’s cost ofgoods sold for 2004 was: Choices; Understated by P45,500 Overstated by P45,500 Understated by P136,500 Overstated by P136,500

Sean Company’s beginning inventory at January 1, 2004 was understated by P45,500,and its ending inventory was overstated by P91,000. As a result, Sean Company’s cost ofgoods sold for 2004 was: Choices; Understated by P45,500 Overstated by P45,500 Understated by P136,500 Overstated by P136,500

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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Question

Sean Company’s beginning inventory at January 1, 2004 was understated by P45,500,and its ending inventory was overstated by P91,000. As a result, Sean Company’s cost ofgoods sold for 2004 was:

Choices;

Understated by P45,500

Overstated by P45,500

Understated by P136,500

Overstated by P136,500

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