Which of the following best describes the impact of understating the current years ending inventory?...
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Accounting
Which of the following best describes the impact of understating the current years ending inventory? Assume that the business uses periodic inventory system and that all other figures in its financial statements are accurate. Group of answer choices
Profit for the current year will be overstated.
Cost of goods sold for the following year will be understated.
Sales for the current year will be overstated.
Profit for the following year will be understated.
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