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24-07-2020
Business

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On the income statement, if beginning inventory is understated, then gross profit will be and net income will be . overstated; overstated understated; understated overstated; understated understated; overstated

Respuesta :

29-07-2020

Answer:

Gross Profit will be overvalued.

Net Income will be Overvalued.

Explanation:

If beginning inventory is understated, the cost of sales will be also understated for that period. A lower / Understated Cost of Sales provides for an overstated Gross Profit and Overstated Profit.

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