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West Corporation's Year 1 ending inventory was overstated by $20,000; however, ending inventory for Year...

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Accounting

West Corporation's Year 1 ending inventory was overstated by $20,000; however, ending inventory for Year 2 was correct. Which of the following
statements is correct?
Multiple Choice
Net income for Year 1 is understated.
Retained earnings at the end of Year 2 is overstated.
Cost of goods sold for Year 1 is overstated.
Cost of goods sold for Year 2 is overstated.
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