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Ending retained earnings

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Reference no: EM13882672

1.It is discovered in 2013 that ending inventory in 2011 was understated. What is the effect of the understatement on the following?

2011: 
Cost of goods sold
Net income
Ending retained earnings

2012: 
Net purchases
Cost of goods sold
Net income
Ending retained earnings

Reference no: EM13882672

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