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For each of the following inventory errors occurring in 2021, determine the effect of the...

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Accounting

image For each of the following inventory errors occurring in 2021, determine the effect of the error on 2021's cost of goods sold, net income and retained earnings. Assume that the error is not discovered until 2022 and that a periodic inventory system is used. Ignore income taxes. U=UnderstatedO=OverstatedNE=Noeffect

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