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If Cost of Goods Sold was understated in Period 1, then Cost of Goods Sold and gross profit in ...
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If Cost of Goods Sold was understated in Period 1, then Cost of Goods Sold and gross profit in ...
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
Edition:
3
rd
Authors:
Kemp, Waybright
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I appreciate it once again, answered correctly
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