Multiple Choice
If ending inventory on December 31,2014,is overstated by $40,000,what is the effect on net income for 2015?
A) Net income is overstated by $40,000.
B) Net income is understated by $40,000.
C) Net income is overstated by $80,000.
D) The answer cannot be determined from the information given.
Correct Answer:
Verified
Correct Answer:
Verified
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