Multiple Choice
If ending inventory on December 31, 2007, is overstated, then:
A) cost of goods sold for the year ended December 31, 2008, will be understated.
B) gross profit for the year ended December 31, 2008, will be understated.
C) cost of goods sold for the year ended December 31, 2007, will be overstated.
D) gross profit for the year ended December 31, 2007, will be understated.
Correct Answer:
Verified
Correct Answer:
Verified
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