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Determine the effect on cost of goods sold

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Problem 1: Determine the effect on cost of goods sold, total assets, and gross profit for 2019 and 2020 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect.
a. Ending inventory for 2019 is understated
b. Ending inventory for 2019 is overstated

Reference no: EM133009677

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