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The following table has six separate descriptions of inventory errors assuming the use of a periodic inventory system. Inventory Error Cost of Goods Sold Pretax
The following table has six separate descriptions of inventory errors assuming the use of a periodic inventory system.
Inventory Error | Cost of Goods Sold | Pretax Income | Ending Inventory |
---|---|---|---|
a. Ending inventory overstated | |||
b. Ending inventory and purchases overstated | |||
c. Ending inventory understated | |||
d. Ending inventory and purchases understated | |||
e. Beginning inventory overstated | |||
f. Beginning inventory understated |
all answers are chosen from the three choices
Overstated Understated No effectStep by Step Solution
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