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Which of statements correctly states the effect of the error

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Reference no: EM132959032

Problem 1: Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error?

Option 1: net income is understated

Option 2: net income is overstated

Option 3: cost of merchandise sold is understated

Option 4: merchandise inventory reported on the balance sheet is overstated

Reference no: EM132959032

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