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Assume that a $400 purchase invoice received close to year-end is not recorded in fiscal 2019, but the inventory is appropriately included in the ending

Assume that a $400 purchase invoice received close to year-end is not recorded in fiscal 2019, but the inventory is appropriately included in the ending inventory count. What impact will this have on fiscal 2020 financial reporting? Gross margin is overstated. There is no effect on fiscal 2020. Cost of goods available for sale is understated. Cost of sales is overstated by $400

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