b. stockholders ' equity was the only item affected by the omission.
c. assets, liabilities, and stockholders ' equity were understated.
d. none of these.
46. What is the effect of a $ 50,000 overstatement of last year ' s inventory on current years ending retained earning balance?
a. Understated by $ 50,000.
b. No effect.
c. Overstated by $ 50,000.
d. Need more information to determine.
47. Which of the following is a product cost as it relates to inventory?