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Question 2 Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error? a.

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Question 2 Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error? a. Net income is understated. b. Net income is overstated. c. Merchandise inventory reported on the balance sheet is overstated. d. Cost of merchandise sold is understated. (want typed answer)

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