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Garson Co. recorded goods in transit purchased FOB shipping point at year-end as purchases. The goods were excluded from the ending inventory. What effect does

Garson Co. recorded goods in transit purchased FOB shipping point at year-end as purchases. The goods were excluded from the ending inventory. What effect does the omission have on Garson's assets and retained earnings at year end?

AssetsRetained earnings

UnderstatedUnderstated

No effectUnderstated

UnderstatedNo effect

No effectOverstated

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