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When Jeffery was counting inventory for a large retail chain of stores, he missed one large pallet of older items worth $35,000. He didnt say

When Jeffery was counting inventory for a large retail chain of stores, he missed one large pallet of older items worth $35,000. He didnt say anything because he knew they would be included in next months count. What is the net effect on profit for the current month?

overstated by $35,000

zero

overstated by $17,500

understated by $35,000

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