Question Solved1 Answer Inventories affect (LO 1) Seleccione una: a. a. only the income statement. b. neither the balance sheet nor the income statement. c. only the balance sheet. d. both the balance sheet and the income statement. Inventories affect (LO 1) Seleccione una: a. a. only the income statement. b. neither the balance sheet nor the income statement. c. only the balance sheet. d. both the balance sheet and the income statement.

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Transcribed Image Text: Inventories affect (LO 1) Seleccione una: a. a. only the income statement. b. neither the balance sheet nor the income statement. c. only the balance sheet. d. both the balance sheet and the income statement.
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Transcribed Image Text: Inventories affect (LO 1) Seleccione una: a. a. only the income statement. b. neither the balance sheet nor the income statement. c. only the balance sheet. d. both the balance sheet and the income statement.
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ANS. OPTION (D) IS CORRECT. EXPLANATION-: Because of the interrelationship between inventory values and cost of goods sold, when the inventory values are incorrect, the associated income statemen ... See the full answer