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Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by...

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Accounting

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Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,600, and its ending inventory on December 31 was understated by $15,900. In addition, a purchase of merchandise costing $20,300 was incorrectly recorded as a $2,030 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Multiple Choice Understated by $32,970. Understated by $48,870. Overstated by $3,570. O Overstated by $32,970. Indicate whether each of the following assets and liabilities typically should be classified as current or long-term: (a) Accounts receivable (b) Prepaid rent for the next six months (c) Notes receivable due in two years (d) Notes payable due in 90 days (e) Notes payable due in five years (f) Patent

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