The impact of understating closing inventory on the current year's financial statements is to: Select one: a. Understate net income b. Overstate net income c. Overstate gross profit d. Overstate owner's equity

The impact of understating closing inventory on the current year's financial statements is to: Select one: a. Understate net income b. Overstate net income c. Overstate gross profit d. Overstate owner's equity