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Storm windows company understated their ending inventory during their first year of operations by $2,000. What is the effect of this error at the end of the year? select all answers which apply.

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abiolataiwo2015

The  effect of this error at the end of the year is:Understatement of net income $2000 and Overstatement of costs of goods sold  $2000.

Effect of this error at the end of the year

Since the company understated their ending  inventory during their first year by the amount of $2,000. The effect of the ending inventory that was understated will be:

  • Understatement of net income of the amount of $2000
  • Overstatement of costs of goods sold  of the amount of $2000

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