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For the current year, the beginning and ending physical counts of inventory were correct. However, an employee twice recorded the same purchase invoice from a
For the current year, the beginning and ending physical counts of inventory were correct. However, an employee twice recorded the same purchase invoice from a supplier. Due to this error, the total purchases of merchandise for the current year was overstated and cost of goods sold was:
Select one:
a. understated.
b. overstated.
c. greater when weighted average cost is used.
d. correct.
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