Quiz Ch 06 – The Effect of Ending Inventory Understatement in One Year on Subsequent Years

Financial Accounting

Thomas, Tietz, and Harrison

12th Edition

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Which option correctly identifies the impact of an ending inventory understatement in Year 1 on the cost of goods sold and gross profit in Year 2?

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  • Search Terms: , : a) and be both cost ending for goods gross if in inventory is of overstated overstated. overstated. c) profit sold then understated understated. b) understated. d) will year
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