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Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error? Revenue is understated.

Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error?

		Revenue is understated.
		Net income is overstated.
		Cost of merchandise sold is understated.
		Merchandise inventory reported on the balance sheet is overstated.

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