Quiz 09.173-177 – Determining the Effect of Inventory Errors on Cost of Goods Sold and Retained Earnings

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

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For each of the following inventory errors that were noted in 2021 and not discovered until 2022, indicate the effect, if any, on the accounts noted in the columns using the code U for Understated, O for Overstated, and NE for No Effect.

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