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Question Completion Status: QUESTION 19 Over the last 3 weeks we have encountered a number of issues with the technology. Some due to instructor's learning curve and others due to CCSU technology. For future live stream classes, please note your preference: a continue to use CCSU hyflex classroom live stream with recording buse WebEx for live stream and recording c. use Blackboard Collaborate for live stream and recording. d. no preference QUESTION 20 The beginning inventory of Big Poppy Corporation was understated by $30,000, and its ending inventory was understated by $17,000. In addition, a purchase of merchandise costing $20,000 was incorrectly recorded as $2,000 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: a overstated by $5,000 b. overstated by $31,000. c. Understated by $31,000. od understated by $48,000. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers F2 F3 F4 F5 F6 F7 F8 F9 F10 3 $ 4 % 5 & 7 6 8

Answer 1

Question 19 The answer is (c) use black collaborate for live streaming and recording. The reason is its easy reach among students, user convenience due to simplicity of use, very high quality of audio and video, collaborative interface and availability of options like pause, rewind &f of lessons for students.

Question 20

The correct answer is (c) understated by $31,000.

The reason behind this is the formula for cost of goods sold (COGS) i.e. COGS = Opening inventory + Net purchases - Closing inventory.

In the case given, it is given that purchases have been incorrectly recorded at $2,000 instead of the correct amount of $20,000, thus resulting in understatement of purchases. Similarly, opening and closing inventory are understated by $30,000 and $17,000 respectively. Putting these values in the above formula, we can come to the conclusion that COGS is understated for this year by the amount of $31,000 computed as 30,000+18,000-17,000 = 31,000.