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It is discovered in 2011 that ending inventory in 2009 was

It is discovered in 2011 that ending inventory in 2009 was understated. What is the effect of the understatement on the following:

2009: Cost of goods sold

Net income

Ending retained earnings

2010: Net purchases

Cost of goods sold

Net income

Ending retained earnings

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Accounting Basics: It is discovered in 2011 that ending inventory in 2009 was

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Accounting Basics: It is discovered in 2011 that ending inventory in 2009 was

Reference No:- TGS01347483

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