Multiple Choice
An error in the physical count of goods on hand at the end of the current period resulted in a $2,500 overstatement of the ending inventory. The effect of this error in the current period is to:
A) overstate cost of goods sold.
B) understate cost of goods available for sale.
C) understate gross profit.
D) overstate net income.
Correct Answer:
Verified
Correct Answer:
Verified
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