Concord Company understated its 2022 ending inventory by $31,600. Determine the impact this error has...
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Accounting
Concord Company understated its 2022 ending inventory by $31,600. Determine the impact this error has on ending inventory, cost of goods sold, and owners equity in 2022 and 2023.
2022
2023
Ending inventory
select an effect UnderstatedNo EffectOverstated
select an effect OverstatedUnderstatedNo Effect
Cost of goods sold
select an effect UnderstatedNo EffectOverstated
select an effect No EffectOverstatedUnderstated
Owners equity
select an effect UnderstatedNo EffectOverstated
select an effect OverstatedNo EffectUnderstated
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