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Inventory errors effect the computation of cost of goods sold and net income and cause eith er an overstatement or understatement of net income. This is most easily observable when we review the COGS model. An overstatement of ending inventory would cause Costs of Goods Sold to be too low and therefore net income would be too high. The two most common causesof inventory error are failure to count or price inventory correctly, and not properly recognizing the transfer of legal title in goods and transit. This second issue relates to FOB shipping point and FOB destination transactions. Inventory errors are often self correcting, meaning that an error in ending inventory Will have a reverse effect on net income in the next accounting period. So over two years, the total net income is correct because the errors offset each other. In this example we have two years, 2015 and 2016. In 2015 ending inventory is overstated by $5000, and reported as $20,000 instead of $15,000.This causes net inc
