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Business, 16.04.2020 23:10 byrdkellykellybyrd

In taking a physical inventory at the end of year 2017, Grant Company forgot to count certain units. Indicate how this error affects the following: (a) 2017 cost of goods sold. Overstates 2017 cost of goods sold. Understates 2017 cost of goods sold. None of the above. (b) 2017 gross profit. Understates 2017 gross profit. Overstates 2017 gross profit. None of the above. (c) 2017 net income. Understates 2017 net income. Overstates 2017 net income. None of the above. (d) 2018 net income. Understates 2018 net income. Overstates 2018 net income. None of the above.

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