A company incorrectly counted their inventory as of December 31, 2021, resulting in ending inventory...
70.2K
Verified Solution
Link Copied!
Question
Accounting
A company incorrectly counted their inventory as of December 31, 2021, resulting in ending inventory being overstated by $9,000. Ending inventory as of December 31, 2022 was also overstated by $24,000. What was the impact on COGS for the year ended December 31, 2022 as a result of the overstatements in ending inventory?
A. understated by $15,000
B. overstated by $15,000
C. understated by $33,000
D. understated by $33,000
E. overstated by $24.000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
