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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Ending inventory for the current accounting period is overstated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period?

A) Cost of Goods Sold   Net Income
Overstated   Overstated

B) Cost of Goods Sold   Net Income
Understated   Understated

C) Cost of Goods Sold   Net Income
Overstated   Understated

D) Cost of Goods Sold   Net Income
Understated   Overstated
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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7 years ago
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H3Ko Author
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#2
7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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#3
3 years ago
thank you
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