Question: Assuming periodic inventory procedure, what effect would an understatement of ending inventory have on the different items on the financial statements? Balance Sheet Income Statement

inventory have on the different items on the financial statements? Balance Sheet

Assuming periodic inventory procedure, what effect would an understatement of ending inventory have on the different items on the financial statements? Balance Sheet Income Statement Current Assets Cost of Goods Sold Total Assets Gross Margin Retained Earnings Net Income Total Liabilities and Retained Earnings

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