question 17 (mandatory) (2 points) listen if a period - end inventory amount is reported in error, it can…

question 17 (mandatory) (2 points) listen if a period - end inventory amount is reported in error, it can cause a misstatement cost of goods sold. gross profit. net income. current assets. all of the above. question 18 (mandatory) (2 points) listen

question 17 (mandatory) (2 points) listen if a period - end inventory amount is reported in error, it can cause a misstatement cost of goods sold. gross profit. net income. current assets. all of the above. question 18 (mandatory) (2 points) listen

Answer

Brief Explanations:

The formula for cost of goods sold (COGS) is Beginning Inventory + Purchases - Ending Inventory. An error in ending - inventory amount will directly affect COGS. Gross profit = Sales - COGS, so it is affected. Net income is calculated after gross profit, thus also affected. Current assets include inventory, so an error in inventory affects current assets.

Answer:

E. All of the above