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For each of the following inventory errors occurring in 2 0 2 4 , determine the effect of the error on 2 0 2 4

For each of the following inventory errors occurring in

2024,

determine the effect of the error on

2024'

s cost of goods sold, net

income, and retained earnings using understated, overstated, or no effect. Assume that the error is not discovered until

2025

and that

a periodic inventory system is used. Ignore income taxes.

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