The cost of the employee who installs the leather on the seats of a new automobile would be considered:

When recording credit card or debit card sales using the net method,

a.) cash received equals sales. b.) cash received equals sales minus the fee assessed by the card processing company. c.) cash received equals sales plus the fee assessed by the card processing company. d.) cash isn't received by the seller until the customer pays his or her credit card statement.

Ending inventory for the current accounting period is overstated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period?

A) Cost of Goods Sold Net Income Overstated Overstated B) Cost of Goods Sold Net Income Understated Overstated C) Cost of Goods Sold Net Income Overstated Understated D) Cost of Goods Sold Net Income Understated Understated