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What balances would be overstated or understated

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Reference no: EM132949094

Work in Process Inventory 3,000

Raw Materials Inventory 3,000

Problem 1: If the entry (4) was not corrected, which financial statements (income statement or balance sheet) would be affected? What balances would be overstated or understated?

NOTE from teacher - OH is a product cost and is not separately reported on the financial statements. What accounts are impacted on the financial statements when product costs are recorded incorrectly (hint: COGS and closing process of temporary accounts on the I/S to the B/S)? BOTH Income statement and Balance sheet accounts are affected.

Reference no: EM132949094

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