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Zinke Company understated its ending inventory at the end of Year 1. Which of the...

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Accounting

Zinke Company understated its ending inventory at the end of Year 1. Which of the following correctly states the effect of the error on the amounts shown on the Year 1 financial statements?

overstatement of cost of goods sold and retained eranings

understatement of liabilities and retained earnings

overstatement of total assets and cost of goods sold

understatement of total assets and fross margin

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