Question: Errors in Inventory Count Bow Corp. accidentally overstated its previous year ending inventory by $950. Assume that ending current year inventory is accurately counted. The

Errors in Inventory Count Bow Corp. accidentally overstated its previous year ending inventory by $950. Assume that ending current year inventory is accurately counted. The error in the previous year will have what effect on Bow Corp.? a. Previous year net income is understated by $950. b. Previous year net income is overstated by $950. c. Current year net income is understated by $950. d. Both b and c are correct

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