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1it is discovered in 2013 that ending inventory in 2011 was

1.It is discovered in 2013 that ending inventory in 2011 was understated. What is the effect of the understatement on the following?

2011:
Cost of goods sold
Net income
Ending retained earnings

2012:
Net purchases
Cost of goods sold
Net income
Ending retained earnings

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Accounting Basics: 1it is discovered in 2013 that ending inventory in 2011 was

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Accounting Basics: 1it is discovered in 2013 that ending inventory in 2011 was

Reference No:- TGS01175988

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