Total inventory count Assignment | College Homework Help

Pollus, Inc. performs inventory counts of its hockey sticks at the end of each fiscal year. The individual performing the count was distracted and inadvertently overstated the total inventory count by $1,200 at December 31, 2017. The individual counting the inventory at 12/31/2018 was more attentive and correctly counted the inventory. What effect did the inventory count error at 12/31/2017 have on:

I. 2018 Ending Inventory II. 2018 Cost of Goods Sold

A Overstated I; Understated II

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B No Effect on I; Overstated II

C No Effect on I; Understated II

D Understated I; Overstated II

E Overstated I; No Effect on II

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