Quiz – Overstated Inventory

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

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In Year 1, a company overstated its ending inventory by $60,000. However, the error was not discovered until Year 3. In Year 2, the company made no errors. Once the company found the error in Year 3, management restated the balance sheets for Year 1 and Year 2 by lowering the reported ending inventory in both Year 1 and Year 2 by $60,000. Which of these statements is for Year 2?

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