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One multiple choice question If, at the end of 2017, a company using perpetual inventory erroneously excluded some goods from its ending inventory but recorded
One multiple choice question
If, at the end of 2017, a company using perpetual inventory erroneously excluded some goods from its ending inventory but recorded the purchase of these goods in its 2017 accounting records, these errors would cause (for 2017) Select one: a. the ending inventory and retained earnings to be understated. b. the ending inventory, cost of goods sold, and retained earnings to be understated. c. cost of goods sold and net income to be understated. d. no effect on net income, working capital, and retained earningsStep by Step Solution
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