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Question: In taking physical inventory on December 31, 2016, ABC’s Motorcycle Shop incorrectly counted inve…
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Question: In <a href=taking physical inventory on December 31, 2016, ABC’s Motorcycle Shop incorrectly counted inve…” />

Show transcribed image text In taking physical inventory on December 31, 2016, ABC's Motorcycle Shop incorrectly counted inventory as $179, 600 instead of the correct amount of $197, 600. State what effect the error will have on the cost of goods sold the income statement of ABC's Motorcycle Shop for the year 2010. Explain. State what effect the error will have on the gross profit in the income statement of ABC's year 2016. Explain.

In taking physical inventory on December 31, 2016, ABC's Motorcycle Shop incorrectly counted inventory as $179, 600 instead of the correct amount of $197, 600. State what effect the error will have on the cost of goods sold the income statement of ABC's Motorcycle Shop for the year 2010. Explain. State what effect the error will have on the gross profit in the income statement of ABC's year 2016. Explain.

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