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Assume that the ending inventory of a merchandising firm is overstated by $40,000. Required: (a) By how much and in what direction (overstated or understated)
Assume that the ending inventory of a merchandising firm is overstated by $40,000. Required: (a) By how much and in what direction (overstated or understated) will the firm's cost of goods sold be misstated? (Omit the "$" sign in your response.) Cost of goods sold understated by $
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