Multiple Choice
The beginnings inventory of the current year is overstated by ` 5,000 and closing inventory is overstated by ` 12,000. These errors will cause the net income for the current year by
A) 17,000 (overstated)
B) 12,000 (understated)
C) 7,000 (overstated)
D) 7,000 (understated)
Correct Answer:
Verified
Correct Answer:
Verified
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