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QUESTION
164)ABC correct ending balance for the inventory account at the end of 2018 should be $5,000, but the company incorrectly stated it as $3,000.
164) ABC correct ending balance for the inventory account at the end of 2018 should be $5,000, but the company incorrectly stated it as $3,000. In 2019, ABC correctly recorded its ending balance of the inventory account. Which one of the following is true?
A) Retained earnings are understated by $2,000 in 2019.
B) Cost of goods sold is understated by $2,000 in 2018.
C) Gross profit is overstated by $2,000 in 2018.
D) Gross profit is overstated by $2,000 in 2019.
