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During KLP Crane Company's first month of operations, the bookkeeper mistakenly recorded $3,500 of factory insurance as a period cost. Assume no cranes have

During KLP Crane Company's first month of operations, the bookkeeper mistakenly recorded $3,500 of factory insurance as a period cost. Assume no cranes have been sold yet since it is only the first month of manufacturing. Which of the following is true? Multiple Choice Period costs are understated Manufacturing costs are overstated Prime costs are overstated. Net income is understated

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