Question: 9. ABC Co. uses the periodic inventory system. In the current year, ABC's ending inventory is understated by P20,000. Which of the following statements is

9. ABC Co. uses the periodic inventory system. In the current year, ABC's ending inventory is understated by P20,000. Which of the following statements is correct? a. ABC's cost of goods sold is understated by P20,000. b. ABC's gross income is understated by P20,000. c. ABC's net purchases are understated by P20,000. d. ABC's profit is overstated by P20,000

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