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erica [24]
3 years ago
9

Kilian Company's inventory balance at the end of the current year does not include $10,000 of inventory that was stored in a sep

arate warehouse and accidentally excluded from the physical count. If the error is not discovered, the effect of this error on financial statements in the following year will be_________
Business
1 answer:
Flauer [41]3 years ago
8 0

Answer:

underestimated inventory

net income decrease

higher storage expenses

Explanation:

decrease in net income since it could not be sold

higher expenses for storage to maintain inventory

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