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What is the net effect of the error for the two years

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Problem - Effects of Inventory Errors - Zulu Industries incorrectly counted its December 31, 20Y1, inventory at $250,000 instead of the correct amount of $220,000. Indicate the effect of the misstatement on Zulu's income statement for the current year (20Y1) and the following year (20Y2). What is the net effect of the error for the two years?

Reference no: EM132741289

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