In an income statement, carriage outwards of $5000 has been entered as carriage inwards. Carriage inwards of $3000 has been entered as carriage outwards. What are the effect(s) of these errors on the profit?
- Agross profit overstated by $2000; profit for the year understated by $2000
- Bgross profit overstated by $8000; profit for the year no effect
- Cgross profit understated by $2000; profit for the year no effect
- Dgross profit understated by $8000; profit for the year overstated by $8000