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A. Understated income this year.
B. Understated retained earnings this year.
C. Understated retained earnings next year.
D. Understated income next year
Answer option D. Understated income next year
D. Understated net income the following year.
Invty, end yr1 overstated = invty, beg yr2 overstated
Overstated beginning inventory results to overstated cost of sales and understated net income.
understated income next year.
ANSWER IS d
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