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Inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error? a. Gross profit is

Inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error? a. Gross profit is understated. O b. Net income is anderstated. Oc. Owner's equity is overstated. Od. Cost of goods sold is overstated

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