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  3. 14. assuming that ending inventory for 20x7 was un

14. Assuming that ending inventory for 20x7 was understated, indicate whether each of the following...

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14. Assuming that ending inventory for 20x7 was understated, indicate whether each of the following will be understated (U), overstated (O), or not affected (N). 1. Beginning inventory for 20x8 2. Cost of goods sold for 20x7 3. Stockholders' equity at the end of 20x8 4. Income before income taxes for 20x8 5. Stockholders' equity at the end of 20x7 6. Cost of goods sold for 20x8 7. Income before income taxes for 20x7

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