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IBM had inventories of $ 2 . 6 billion at December 3 1 , 2 0 1 1 , and $ 2 . 5 billion
IBM had inventories of $ billion at December and $ billion a year earlier.
Suppose the beginning inventory for fiscal had been overstated by $ million because of errors in physical counts. There were no other inventory errors. Which items in the financial statements would be incorrect and by how much? Use O for overstated, U for understated, and for not affected. Assume a tax rate and state dollar amounts in millions.
REMAKE THE TABLE BELOW AND ANSWER IT JUST LIKE THE FIRST EXAMPLE FOR THE "BEGINNING INVENTORY" HAS BEEN DONE.
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