Question: Assume that inventory is overstated by $1,500 at the end of 2013 but is corrected in 2014. What effect will this have on the 2013

Assume that inventory is overstated by $1,500 at the end of 2013 but is corrected in 2014. What effect will this have on the 2013 income statement? The 2013 balance sheet? The 2014 income statement? The 2014 balance sheet?

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