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1.PAC hired some students to help count inventory during their semester break. Unfortunately, the students added incorrectly and ending inventory was overstated by $12,000. What

1.PAC hired some students to help count inventory during their semester break. Unfortunately, the students added incorrectly and ending inventory was overstated by $12,000. What would be the effect of this error in ending inventory?

Multiple Choice Profit would be overstated. Profit would be understated. Ending retained earnings would be understated. Cost of goods sold would be overstated and ending retained earnings would be understated.

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