A retail organization mistakenly did have include $10,000 of Inventory in the physical count at the end of the year. What was the impact to the organization's financial statements?

Question

Options

• ACost of sales and net income are understated.
• BCost of sales and net income are overstated.
• CCost of sales is understated and not income is overstated.
• DCost of sales is overstated and net Income is understated.

• A
  4% (1)
• B
  15% (4)
• C
  4% (1)
• D
  77% (20)

Explanation

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