Business, 18.11.2020 17:10 rafaelys6354

At the end of 2010, a $5,000 understatement was discovered in the amount of the 2010 ending inventory as reflected in the perpetual inventory records. What were the 2010 effects of the $5,000 inventory error (before correction)? a. Assets were understated by $5,000 and pretax income was understated by $5,000.
b. Assets were understated by $5,000 and pretax income was overstated by $5,000.
c. Cost of goods sold was understated by $5,000 and pretax income was understated by $5,000.
d. Cost of goods sold was overstated by $5,000 and pretax income was overstated by $5,000.

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At the end of 2010, a $5,000 understatement was discovered in the amount of the 2010 ending inventor...

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