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Waterlily Carpets' books show the following data. (Click the icon to view the income statements.) In early 2026, auditors found that the ending merchandise

Waterlily Carpets' books show the following data. (Click the icon to view the income statements.) In early 2026, auditors found that the ending merchandise inventory for 2023 was understated by $5,000 and that the ending merchandise inventory for 2025 was overstated by $6,000. The ending merchandise inventory at December 31, 2024, was correct.

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