Assume that in year 1, the ending merchandise inventory is overstates by $30,000. 1 answer below »

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Assume that in year 1, the ending merchandise inventory is overstates by $30,000. If this is the only error in Years 1 and 2, fill in the items below, indicating which items will be understated, overstated, or correctly stated for Years 1 and 2.

Item

Year 1

Year 2

Ending Inventory

Beginning Inventory

Cost of Goods Sold

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