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Question: Determining the Financial Statement Effects of Inventory Errors Assume the 2007 ending inventory of Shea's Shrimp Shack was understated by $10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2007 and 2008.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93078735

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