Question: Ending inventory is incorrectly calculated in the current year. It is accurately calculated at the end of the next year. The error in the ending

Ending inventory is incorrectly calculated in the current year. It is accurately calculated at the end of the next year. The error in the ending inventory in the current year:

affects only income statement accounts.

affects only balance sheet accounts.

can be ignored since it will self-correct.

is a self-correcting error.

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