LCoy7621 LCoy7621

31-07-2024
Business

Answered

A company understated its ending inventory in Year 1 by $25,000 and also understated its ending inventory In Year 2 by $20,000. Neither error was discovered until Year 3. As a result, of these two errors, gross profit for Year 2 was:
A. Overstated by $5,000
B. Understated by $45,000
C. Understated by $20.000
D. Overstated by $525,000

Answer :

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