Multiple Choice
Dole Produce Ltd. counted $700 of inventory twice in its December 31, 2016 inventory. On December 31, 2017, it mistakenly omitted $200 of merchandise from its inventory. As a result of these errors:
A) net income is overstated by $700 in 2016 and understated by $200 in 2017.
B) net income in understated by $700 in 2016 and overstated by $200 in 2017.
C) net income is overstated by $700 in 2016 and understated by $900 in 2017.
D) total net income for 2016 and 2017 is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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