Question: Using the periodic inventory cost flow method, if ending inventory is understated, what is the effect on net income and retained earnings? Net Income /

Using the periodic inventory cost flow method, if ending inventory is understated, what is the effect on net income and retained earnings? Net Income / Retained Earnings a. Understated / Understated O b. Overstated / Overstated Oe. Overstated / Understated d. Understated / Overstated

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