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inventory as $670,850 instead of the correct amount of $690,980. Enter all amounts as positive numbers. c. If uncorrected, what would be the effect of
inventory as $670,850 instead of the correct amount of $690,980. Enter all amounts as positive numbers. c. If uncorrected, what would be the effect of the error on the 20Y3 income statement? d. If uncorrected, what would be the effect of the error on the December 31 , 20Y3, balance sheet? 1. The December 31, 20Y3, balance sheet would be correct, since the 20Y2 inventory error reverses itself in 2033. 2. The December 31,20Y3, balance sheet would be incorrect, since the 20Y2 inventory error overstates the beginning inventory in20Y3. 3. The December 31, 20Y3, balance sheet would be incorrect, since the 20Y2 inventory error understates the beginning inventory in 20Y3. inventory as $670,850 instead of the correct amount of $690,980. Enter all amounts as positive numbers. c. If uncorrected, what would be the effect of the error on the 20Y3 income statement? d. If uncorrected, what would be the effect of the error on the December 31 , 20Y3, balance sheet? 1. The December 31, 20Y3, balance sheet would be correct, since the 20Y2 inventory error reverses itself in 2033. 2. The December 31,20Y3, balance sheet would be incorrect, since the 20Y2 inventory error overstates the beginning inventory in20Y3. 3. The December 31, 20Y3, balance sheet would be incorrect, since the 20Y2 inventory error understates the beginning inventory in 20Y3
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