Fran Company's ending inventory is under- stated by $4,000. The effects of this error on the current year's cost of goods sold and net in-
Fran Company's ending inventory is under- stated by $4,000. The effects of this error on the current year's cost of goods sold and net in- come, respectively, are:
(a) understated and overstated.
(b) overstated and understated.
(c) overstated and overstated.
(d) understated and under- stated.
AppendixLO1
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Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
3rd Edition
047169195X, 978-0471691952
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