Business, 31.07.2020 20:01, oomale

Bill Inc.'s correct ending balance for the inventory account at the end of 2018 should be S5,000, but the company incorrectly stated it as $3,000. In 2019, ABC correctly recorded its ending balance of the inventory account. Which one of the following is true? A) Gross profit is overstated by S2,000 in 2018.
B) Gross profit is overstated by S2,000 in 2019.
C) Cost of goods sold is understated by $2,000 in 2018.
D) Retained eanings are understated by $2,000 in 2019.

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Bill Inc.'s correct ending balance for the inventory account at the end of 2018 should be S5,000, bu...