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If purchases were recorded correctly but ending physical inventory is understated, which one of the following situations occurs for the current year? a. Working capital
If purchases were recorded correctly but ending physical inventory is understated, which one of the following situations occurs for the current year?
a. Working capital is understated and net income is overstated.
b. Working capital and net income are understated
c. Working capital is overstated and net income is understated.
d. Working capital and net income are overstated.
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