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What will the impact be on net income reported

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Question - The accountant for Tasty Cake Company failed to apply the lower of cost or NRV to ending inventory for 2019. Upon audit review for the 2019 financial statements, auditors determined that ending inventory for 2019 should be reduced by $200,000. When the error is corrected, what will the impact be on net income reported in 2019?

Reference no: EM133169007

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