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Firms cost of goods sold be misstated

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Reference no: EM13299136

Assume that the ending inventory of a merchandising firm is overstated by $40,000.

Required:

(a) By how much and in what direction (overstated or understated) will the firm's cost of goods sold be misstated? (Omit the "$" sign in your response.)

Cost of goods sold understated by $

Reference no: EM13299136

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