Ayr Inc. (Ayr) uses a periodic inventory system. During Ayrs inventory count on December 31, 2004, $100,000
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Ayr Inc. (Ayr) uses a periodic inventory system. During Ayr’s inventory count on December 31, 2004, $100,000 of the inventory was counted twice in error. What effect would the double counting of the inventory have on net income for the year ended December 31, 2004 and on the amount of inventory reported on the balance sheet on December 31, 2004?
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