If a company understates its ending balance of inventory in year 1 and it records...
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If a company understates its ending balance of inventory in year and it records inventory correctly in year which one of the following is true? Group of answer choices cost of goods sold is overstated in year net income is overstated in year net income is understated in year retained earnings is understated in year None of the answer choices are correct.
If a company understates its ending balance of inventory in year and it records inventory correctly in year which one of the following is true?
Group of answer choices
cost of goods sold is overstated in year
net income is overstated in year
net income is understated in year
retained earnings is understated in year
None of the answer choices are correct.
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