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Assume that because of a clerical error, the ending inventory is reported to be 7 2 0 units rather than the actual number of units
Assume that because of a clerical error, the ending inventory is reported to be units rather than the actual number of units on hand.
a If FIFO is used, calculate the amount of the understatement or overstatement in the cost of sales for the first six months of the current year.
b If FIFO is used, calculate the amount of the understatement or overstatement in the current assets at June of the current year.
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