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hello everyone and welcome to this session in which we will discuss inventory errors on income statement inventory is a balance sheet account how does a balance sheet account such as inventory influence the income statement inventory could be overstated inventory could be understated so we need to know how would that misstatement how would that error affect the income statement through an account called cost of goods sold now in this session we are going to learn about cost cost of goods sold as well so itamp;#39;s very important to know the formula for cost of goods sold and to understand how with an inventory error whether itamp;#39;s an overstatement or an understatement of inventory will influence cost of goods sold very important topic whether you are a financial accounting student Intermediate Accounting CPA candidate CMA candidate very important concept letamp;#39;s go ahead and get started before we proceed any further I have a public announcement about my Company forat lect
