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In preparing its financial statements for the current year, a company’s closing inventory was understated by
$300,000.
What will be the effect of this error if it remains uncorrected?
A The current year’s profit will be overstated and next year’s profit will be understated
B The current year’s profit will be understated but there will be no effect on next year’s profit
C The current year’s profit will be understated and next year’s profit will be overstated
D The current year’s profit will be overstated but there will be no effect on next year’s profit.

C