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Discuss the over-or-understatement for cost of goods sold

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Quince Inc. uses the periodic inventory costing system. The Quince ending merchandise inventory official count at December 31, 2017 totaled $120,000. However, the balance in the merchandise inventory general ledger account at December 31, 2017 was $125,000. What was the amount of the over-or-understatement for cost of goods sold and gross profit for 2017?

Reference no: EM131779406

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