If the Beginning Inventory of the Current Year and the Ending

question 93

Multiple Choice

If the beginning inventory of the current year and the ending inventory of the past year were overstated by the same amount:

• A)Retained earnings at the end of the current year would be correct.
• B)Retained earnings at the end of the current year would be overstated.
• C)Retained earnings at the end of the current year would be understated.
• D)Net income for the current year would be correct.

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