Brief Exercise 6-22 Find balance sheet effects of overstatement in ending inventory (LO9)

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Brief Exercise 6-22 Find balance sheet effects of overstatement in ending inventory (LO9)

Ebbers Corporation overstated its ending inventory balance by $7,500 in 2015.


 

What impact will this error have on ending inventory and retained earnings in 2015 and 2016? Ignore any tax effects.

 
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