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Question 14 of 16 View Policies Current Attempt in Progress Malcolm Lee Industries reported the...

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Accounting

image Question 14 of 16 View Policies Current Attempt in Progress Malcolm Lee Industries reported the following amounts in its December 31st financial statements: \begin{tabular}{lrr} & \multicolumn{1}{c}{2023} & 202As \\ Cost of Goods sold & $270,500 & $287,700 \\ Ending Inventory & 55,400 & 55,400 \end{tabular} Errors were made in each year as follows: in 2023 , ending inventory was overstated by $10.500 while in 2024 , ending understated by $6,800. Explain the impact of these errors for 2024 profit and owners' equity. Profits will be by $ Owners' equity will be by $ eTextbook and Media Save for Later Attempts: 0 of 1 used

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