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tivo tivo
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6 years ago
If Cost of Goods Sold was understated in Period 1, then Cost of Goods Sold and gross profit in Period 2 will be:
A) both understated.
B) both overstated.
C) understated for cost of goods sold and overstated for gross profit.
D) overstated for cost of goods sold and understated for gross profit.
Textbook 
Financial Accounting

Financial Accounting


Edition: 3rd
Authors:
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largerthanlifelargerthanlife
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#1
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tivo Author
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#2
6 years ago
I appreciate it once again, answered correctly
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