In its physical inventory count at its February 28, 2017,

In its physical inventory count at its February 28, 2017, year end, the Orange Sprocket
Corporation included inventory that was being held for another company to sell on consignment.
As a result, the company's inventory count showed the company having more inventory than its
accounting records in
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february-28-2017

In its physical inventory count at its February 28, 2017, year end, the Orange Sprocket
Corporation included inventory that was being held for another company to sell on consignment.
As a result, the company's inventory count showed the company having more inventory than its
accounting records indicated it should have. The company adjusted its inventory and cost of
goods sold accordingly. The merchandise was sold in the next year and inventory was correctly
stated at February 28, 2018.

Instructions

Ignoring income tax, indicate the effect of this error (overstated, understated, or no effect) on
each of the following at year end:

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february-28-2017

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