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What is the effect of the understatement on the following

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Reference no: EM131000413

It is discovered in 2011 that ending inventory in 2009 was understated. What is the effect of the understatement on the following:

2009: Cost of goods sold

Net income

Ending retained earnings

2010: Net purchases

Cost of goods sold

Net income

Ending retained earnings 

Reference no: EM131000413

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