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What is the impact of these events on this year net income

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Question - A form uses the periodic inventory system. Last year an internal error resulted in ending inventory being understated by $20,000. This year someone forgot to record a purchase of $30,000. If these errors are not discovered and corrected until sometime in the future, what is the impact of these events on this year's net income and retained earnings? Are they over or under-stated? By how much?

Reference no: EM131979332

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