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Question
the ending inventory of whitlow company, which uses a periodic inventory system, was understated $14,000 on december 31, 2014, and overstated $6,000 on december 31, 2015 . because of these errors, 2015 net income was
a.overstated $20,000
b.understated $8,000
c.overstated $6,000
d.understated $20,000
Answer
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