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An error understated DEFs December 31, 2019, ending inventory by $27,500. What effect will this error have on financial statements for year 2019 and 2020?

An error understated DEFs December 31, 2019, ending inventory by $27,500. What effect will this error have on financial statements for year 2019 and 2020? (Assume that the ending inventory of year 2020 is error free).

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