Multiple Choice
Which of the following is an INCORRECT statement if ending inventory is overstated?
A) Cost of goods sold is overstated.
B) Gross profit is overstated.
C) Net income is overstated.
D) Income tax is overstated.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q106: Other than the cost of purchasing the
Q107: Lionworks Enterprises had the following inventory data:
Q108: A method of valuing inventory based on
Q109: Grocery stores are required to use the
Q110: The sum of ending inventory and cost
Q112: The inventory system whereby the merchandise inventory
Q113: Making notes in the financial statements to
Q114: The most popular inventory costing method is:<br>A)FIFO.<br>B)LIFO.<br>C)average
Q115: One benefit of the LIFO inventory method
Q116: An inventory layer is synonymous with a