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When a material inventory error is discovered in a period subsequent to when the error...

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Accounting

When a material inventory error is discovered in a period subsequent to when the error was made, which of the following must occur? (Select all that apply.)

Multiple select question.

The effect on market stock price is disclosed in a note.

A correction of retained earnings is reported as a prior period adjustment.

Incorrect balances are corrected.

Previous year's financial statements are retrospectively restated

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