Question: (Appendices) ERRORS IN ENDING INVENTORY. From time to time, business newspapers report that the management of a company has misstated its profits by knowingly establishing

(Appendices) ERRORS IN ENDING INVENTORY. From time to time, business newspapers report that the management of a company has misstated its profits by knowingly establishing an incorrect amount for its periodic-system ending inventory.LO6 REQUIRED:

1. Explain how a misstatement of ending inventory can affect profit.

2. Why would a manager intent on misstating profits choose ending inventory to achieve the desired effect?

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