Effect of Overstating Inventories Phar Mor was a large, rapidly growing pharmacy chain that proved to have

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Effect of Overstating Inventories Phar Mor was a large, rapidly growing pharmacy chain that proved to have overstated assets by more than $400 million. Top executives accomplished the overstatement by inflating the company's inven- tories at numerous store locations. How would this affect the income statements of Phar Mor?

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Introduction To Financial Accounting

ISBN: 0131479725

9th Edition

Authors: Charles T Horngren, John A Elliott

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