Indicate Whether Each of the Following Statements Is True or False.(Assume

Short Answer

Indicate whether each of the following statements is true or false.(Assume a periodic inventory system)
_____ a)If the balance in ending inventory is overstated,net income will be understated.
_____ b)If the balance in ending inventory is understated,retained earnings will be understated.
_____ c)If the balance in ending inventory is overstated,selling and administrative expenses will not be affected.
_____ d)If the balance in ending inventory is overstated,cost of goods sold will be overstated.
_____ e)If the balance in ending inventory is overstated,assets will be overstated.