If an error has been made causing an overstatement of inventory in 20X3, how does it affect the following accounts in 20X3?

Finance

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If an error has been made causing an overstatement of inventory in 20X3, how does it affect the following accounts in 20X3?

– BI:
– NP:
– EI:
– COGS:
– NI:
– Inventory
– RE:
– AP:

In 20X3 –

– BI: n/e
– NP: overstated
– EI: n/e
– COGS: overstated
– NI: understated
– Inventory: n/e
– RE: understated
– AP: overstated

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