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On July 1, the Company announced that it had determined that the inventory . ....

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Accounting

On July 1, the Company announced that it had determined that the inventory . . . had been overstated. . . . The overstatement of inventory . . . was $8,766,000.

Montgomery Greeting Cards reported an incorrect net income amount of $25,922,000 for the year in which the error occurred and the income tax rate was 35.50 percent.

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