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Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,900, and its ending inventory on December 31 was understated
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,900, and its ending inventory on December 31 was understated by $16,900. In addition, a purchase of merchandise costing $21,300 was incorrectly recorded as a $2,130 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Multiple Choice Understated by $50,070 Understated by $33,170 O Overstated by $33,170 0 Overstated by $5,170
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