Question: If beginning inventory is understated, then: a. goods available for sale will be overstated. b. gross profit will be overstated. c. net income will be

If beginning inventory is understated, then:

a. goods available for sale will be overstated.

b. gross profit will be overstated.

c. net income will be understated.

d. stockholders' equity will be correct because the error will have been reversed.

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