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What the effect of the error in the current period is to

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Reference no: EM132904596

Problem 1: An error in the physical count of goods on hand at the end of the current period resulted in a $2,500 overstatement of the ending inventory. The effect of this error in the current period is to:

A. overstate cost of goods sold

B. understate net purchases for the period

C. understate gross profit

D. overstate net income

E. understate ending retained earnings

Reference no: EM132904596

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