| A company’s gross profit as a percentage of sales increased from 24% in the year ended 31 December 2001 to 27%
 in the year ended 31 December 2002.
 
 Which of the following events is most likely to have caused the increase?
 
 A    An increase in sales volume
 B    A purchase in December 2001 mistakenly being recorded as happening in January 2002
 C   Overstatement of the closing inventory at 31 December 2001
 D   Understatement of the closing inventory at 31 December 2001.
 D |