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Sagot :
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
Learn more about Effect of this error at the end of the year here:https://brainly.com/question/17091446
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