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Determine What impact have on fiscal financial reporting

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Reference no: EM132814250

Problem 1: Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2019, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2020 financial reporting?

A. Beginning inventory is overstated by $1,000.
B. Cost of sales is understated by $1,000.
C. Gross margin is understated by $1,000.
D. No effect on cost of goods available for sale.

Reference no: EM132814250

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