In a given year, when cost of goods sold is understated (too low) due to an inventory error, net income will be ______________ (overstated/understated/no effect).
Answer: overstated
In a given year, when cost of goods sold is understated (too low) due to an inventory error, net income will be ______________ (overstated/understated/no effect).
Answer: overstated
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.