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If the cost of merchandise sold is overstated by $50,000, what is the effect on net income? It is understated by $50,000 (too low)

If the cost of merchandise sold is overstated by $50,000, what is the effect on net income? It is understated by $50,000 (too low) It is overstated by $50,000 (too high) It is correct None of the above (don't pick me)

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