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explain 40. ABC Grocery Store uses the periodic inventory system. During 2017, the company...

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Accounting

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40. ABC Grocery Store uses the periodic inventory system. During 2017, the company properly recorded all purchases and had an accurate count of ending inventory. The ending inventory for 2016, however, had been understated. What effect, if any, would this have on Cost of goods sold and Net income in 2017? a. b. c. d. Cost of goods sold understated; Net income overstated Cost of goods sold understated; Net income understated Cost of goods sold overstated; Net income understated Cost of goods sold overstated; Net income overstate

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