Asked by
Crystal Morales
on Oct 20, 2024
Verified
If a period-end inventory amount is reported in error, it can cause a misstatement in all of the following except:
A) Cost of goods sold.
B) Gross profit.
C) Net sales.
D) Current assets.
E) Net income.
Gross Profit
The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.
- Gain insight into how inaccuracies in inventory records affect financial statements and the concept of making corrections to such errors in the periods that follow.
Verified Answer
NS
Learning Objectives
- Gain insight into how inaccuracies in inventory records affect financial statements and the concept of making corrections to such errors in the periods that follow.