Question: If the beginning inventory for 2012 is overstated, the effects of this error on cost of goods sold for 2012, net income for 2012, and

If the beginning inventory for 2012 is overstated, the effects of this error on cost of goods sold for 2012, net income for 2012, and assets at December 31, 2013, respectively, are overstatement, understatement, overstatement. overstatement, understatement, no effect. understatement, overstatement, no effect. understatement, overstatement, overstatement

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