A local discount retailer just completed its semi-annual physical inventory count and found that the physical inventory
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Question:
A local discount retailer just completed its semi-annual physical inventory count and found that the physical inventory total was higher than the balance reported in the general ledger. What effect will this have on the gross profit for the retailer? Select answer from the options below Gross profit will not be affected. There is not enough information provided to answer the question. Gross profit will decrease. Gross profit will increase.
Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
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