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Hanuv Corporation counts its ending inventory incorrectly in year 1, assuming no other inventory errors...

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Accounting

Hanuv Corporation counts its ending inventory incorrectly in year 1, assuming no other inventory errors in future period,

the impact of the error effects the inventory account only.

the error effects profitability, net income and retained earnings for year 1 only.

the error extends in to future years indefinitely.

the error will self-correct by the end of year 2.

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