Question: In Year 2 , Stetson Inc. discovers a material inventory error that was made in Year 1 . In this case, Stetson should: Multiple choice

In Year 2, Stetson Inc. discovers a material inventory error that was made in Year 1. In this case, Stetson should:
Multiple choice question.
Record a prior period adjustment that flows through the Year 2 income statement.
Record a prior period adjustment that flows directly through retained earnings.
Correct the error in the year of discovery.

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