Multiple Choice
If ending inventory on December 31, 2011, is overstated by $60,000, what is the effect on net income for 2012?
A) Net income is overstated by $60,000
B) Net income is understated by $60,000
C) Net income is overstated by $120,000
D) The answer cannot be determined from the information given
Correct Answer:
Verified
Correct Answer:
Verified
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