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Find which statements correctly states effect of the error

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Reference no: EM133007360

Problem 1: Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error?

A. Balance sheet is overstated.
B. Cost of merchandise sold is overstated.
C. Gross profit is understated.
D. Net income is understated.

Reference no: EM133007360

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