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Problem 1: The new accountant (Arnold) for Igloo Industries made a mistake in closing the books for the month. Arnold was supposed to close the over-applied manufacturing overhead proportionately to Work in Progress, Finished Goods, and Cost of Goods Sold. Instead, Arnold took a short-cut and closed the entire amount to Cost of Goods Sold. What can you conclude as a result of Arnold's error?
Multiple Choice
Option 1: Inventory on the balance sheet will be overstated.
Option 2: Inventory on the balance sheet will be understated.
Option 3: None of the above conclusions are correct.
Option 4: Gross profit will be overstated.
Option 5: Gross profit will be understated.
Option 6: Two of the above conclusions are correct.
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