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Anderson Comany uses the Periodic Inventory cost flow system. If Anderson's ending inventory is OVERSTATED due to an accounting error, what is the effect in

Anderson Comany uses the Periodic Inventory cost flow system. If Anderson's ending inventory is OVERSTATED due to an accounting error, what is the effect in the net income and retained earnings?

A. Net Income Understated and Retained Earnings Understated

B. Net Income Understaed and Retained Earnings Overstated

C. Net Income Ovestated and Retained Earnings Understated

D. Net Income Overstated and Retained Earnings Overstated

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