Cake Mart understated its ending inventory In the current year by $5,000. The company incorrectly reported net income of $100,000. Determine the effect of the error on the financial A. You think is right Total assets on the balance sheet will be too high by $5.000 B. Cost of goods sold was too low by $5,000, which cnused net income to be OverstatedC. Cost of goods sold wil be too high by $5. o00, and this coused net income to be understated by $5.000 D. Cost of goods sold will be too high by 55.000 and this cauted net income to b overstated by $5.000 No Idea
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