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If closing inventory has been overvalued by 40,000, which of the following statements would be true? Select one: A. Purchases are overstated by 40,000 B.

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If closing inventory has been overvalued by 40,000, which of the following statements would be true? Select one: A. Purchases are overstated by 40,000 B. Profit is overstated by 40,000 C. Sales are understated by 40,000 D. Receivables are overstated by 40,000

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