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Discuss the effects of this error on cost of goods sold

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Reference no: EM131782716

If the beginning inventory for 2010 is overstated, the effects of this error on cost of goods sold for 2010, net income for 2010, and assets at December 31, 2011, respectively, are

a. overstatement, understatement, overstatement.

b. overstatement, understatement, no effect.

c. understatement, overstatement, overstatement.

d. understatement, overstatement, no effect.

(I know correct answer is b). I just want to understand why is b , and why asset is not effect)

Reference no: EM131782716

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