Evaluate Each Inventory Error and Determine Whether It Overstates or Understates

Essay

Evaluate each inventory error and determine whether it overstates or understates each item.
$$\begin{array} { | l | l | l | } \hline \text { Inventory Errur } & \text { Cost af Goods Suld } & \text { Net Incume } \\\hline \text { Understate beginning inventory } & & \\\hline \text { Understate ending inventory } & & \\\hline \text { Overstate beginning inventory } & & \\\hline \text { Overstate ending inventory } & & \\\hline\end{array}$$