Effects on net income, At December 31, 2008, McGovern

Effects on net income

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Reference no: EM1357879

At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?

- Has no effect on Net Income
- Overstates Net Income by $50,000
- Understates Net Income by $50,000
- None of the above

Reference no: EM1357879

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Effects on net income : At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?

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