Ignoring taxes, if a company understates its ending inventory by $10,000 in the current year:
a. assets for the current year will be overstated by $10,000.
b. net income for the subsequent year will be overstated by $10,000.
c. cost of goods sold for the current year will be understated by $10,000.
d. retained earnings for the current year will be unaffected.
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