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Question(s) / Instruction(s):

An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory.  The effect of this error in the current period is

a)            Cost of Goods Sold is understated and Net Income is understated.

b)            Cost of Goods Sold is overstated and Net Income is overstated.

c)            Cost of Goods Sold is understated and Net Income is overstated.

d)            Cost of Goods Sold is overstated and Net Income is understated.

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