September 2023 In taking a physical inventory at the end of year 2013 Grant Company forgot to

2024 In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error affects the following: (a) 2013 cost of goods sold. Overstates 2013 cost of goods sold. Understates 2013 cost of goods sol Assignment Help

In taking a physical inventory at the end of year 2013 Grant Company forgot to 2023

In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error affects the following: (a) 2013 cost of goods sold. [removed] Overstates 2013 cost of goods sold. [removed] Understates 2013 cost of goods sold. [removed] None of the above. (b) 2013 gross profit. [removed] Understates 2013 gross profit. [removed] Overstates 2013 gross profit. [removed] None of the above. (c) 2013 net income. [removed] Understates 2013 net income. [removed] Overstates 2013 net income. [removed] None of the above. (d) 2014 net income. [removed] Understates 2014 net income. [removed] Overstates 2014 net income. [removed] None of the above. (e) The combined two-year income. [removed] The understated 2014 net income and the overstated 2013 net income combine to yield a correct total income for the two-year period. [removed] The understated 2013 net income and the overstated 2014 net income combine to yield a correct total income for the two-year period. (f) Income for years after 2014. [removed] The 2013 error will affect years after 2014. [removed] The 2013 error will not affect years after 2014.

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