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If a client experienced all of the following events during the fiscal year, what effect would the auditor expect to see on the inventory turnover
If a client experienced all of the following events during the fiscal year, what effect would the auditor expect to see on the inventory turnover ratio? A Items shipped on consignment during the last month of the year were recorded as sales. B A significant number of credit memos for returned merchandise that were issued during the last month of the year were not recorded. C Year-end purchases of inventory were understated by incorrectly excluding items received before the year end
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