Understating ending inventory understates both current and total assets.
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Q21: Underwood had cost of goods sold of
Q24: When units are purchased at different costs
Q27: An understatement of ending inventory will cause
Q28: An error in the ending inventory balance
Q29: The days' sales in inventory ratio is
Q31: LIFO assumes that inventory costs flow in
Q32: According to IRS guidelines, companies may use
Q36: Errors in the ending inventory balance only
Q38: The FIFO inventory method assumes that costs
Q39: The simple rule for inventory turnover is
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