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<p><em><strong>As a result, company cost of goods sold for2009 was:</strong></em></p> <p><em><strong>a) Understated by $26,000.</strong></em></p> <p><em><strong>b) Overstated by $26,000.</strong></em></p> <p><em><strong>c) Understated by $78,000.</strong></em></p> <p><em><strong>d) Overstated by $78,000.</strong></em></p>
understated by78000$
b) Overstated by $26,000. Ending Inventory in2009 is understated, therefore2009's Cost of Goods Sold is overstated.
d) Overstated by $78,000.
Cost of good sold (52,000 Overstated +26,000 Understated).
during2009 COGS covered26,000 understated beginning inventory balance and ended at balance of52,000 overstated inventory balance.
