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\nCost of goods available for sale = cost of goods sold + ending inventory. When ending inventory is understated, cost of goods sold is overstated; therefore, profit is understated. \n<\/div>\n\n

\n \n<\/div>\n<\/div>\n","notChosenFeedback":"

\nCost of goods available for sale = cost of goods sold + ending inventory. When ending inventory is understated, cost of goods sold is overstated; therefore, profit is understated. \n<\/div>\n\n

\n \n<\/div>\n<\/div>\n"},"text":"

\noverstated, understated.\n<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

\nunderstated, overstated.\n<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

\noverstated, overstated.\n<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"

understated, understated.<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":true,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again.","submitAnswerButton":"Submit"},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"

The ML Corporation undertook a 2022 year-end physical inventory count. It was subsequently discovered that inventory totalling $50,000 was not counted or recorded. The impact of this error on the cost of goods sold and profit, respectively, for 2022 is<\/p>\n"}