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What is resulting effect on financial statement

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Question problem 1: Assume you mistakenly treated the cost of production labor as a period cost (operating expense) and you sold all but one of the quilts you made for $17.15 (selling price) . What is resulting effect on the following financial statement elements?

a) Assets : Overstated, Understated, or No Effect?

b) Cost of Goods Sold: Overstated, Understated, or No Effect?

c) Gross Profit: Overstated, Understated, or No Effect?

d) Net Income: Overstated, Understated, or No Effect?

Reference no: EM132466102

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