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Effects of Errors in Inventory Valuation

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Effects of errors in inventory valuation
Show the effect,if any,of each of the following errors on ending inventory,cost of goods sold,gross profit on sales,and net income by placing the appropriate symbol in each column.In use is the periodic inventory system.Use the following symbols: O = Overstated,U = Understated,NE = No Effect. Effects of errors in inventory valuation Show the effect,if any,of each of the following errors on ending inventory,cost of goods sold,gross profit on sales,and net income by placing the appropriate symbol in each column.In use is the periodic inventory system.Use the following symbols: O = Overstated,U = Understated,NE = No Effect.

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