Business, 08.04.2020 03:14 annadel742

An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets and equity, but also the next period's statements because net purchases in one period is also the net purchases in the next period. cost of goods sold of one period is the cost of goods sold in the next period. ending inventory of one period is the beginning inventory of the next period. beginning inventory of one period is the ending inventory of the next period. Rate your confidence to submit your answer.

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An inventory error not only affects the current year's cost of goods sold, gross profit, net income,...

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