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 ?