Question: EXPLAIN 2.In 2017, ending inventory is overstated. What is the effect of the error on net income in 2017 and 2018? A.Net income is understated

EXPLAIN 2.In 2017, ending inventory is overstated. What is the effect

EXPLAIN

2.In 2017, ending inventory is overstated. What is the effect of the error on net income in 2017 and 2018? A.Net income is understated in 2017 and 2018. B.Net income is overstated in 2017 and understated in 2018. C.Net income is understated in 2017 and overstated in 2018. D.Net income is overstated in 2017 and 2018. 3.In a period of falling prices, which inventory method generally provides the greatest amount of net income? A.FIFO. B.LIFO. C.Specific identification. D.Average cost. E.FIFO and Average cost

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