Question: Errors in Inventory Count Pow Corp. accidentally overstated its previous year ending inventory by $750. Assume that the current year ending inventory is accurately counted.

Errors in Inventory Count Pow Corp. accidentally overstated its previous year ending inventory by $750. Assume that the current year ending inventory is accurately counted. The error in the previous year will have what effect on Pow Corp.? a. Previous year net income is understated by $750. b. Previous year net income is overstated by $750. c. Current year net income is understated by $750. d. Both b and c are correct

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