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Question(s) / Instruction(s):

If, at the end of a period, a company erroneously excluded some goods from its ending inventory and also erroneously did not record the purchase of these goods in its accounting records, these errors would cause

a.    cost of goods sold and net income to be understated.

b.    the ending inventory and retained earnings to be understated.

c.     the ending inventory, cost of goods sold, and retained earnings to be understated.

d.    no effect on net income, working capital, and retained earnings.

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