An overstatement of opening inventory will result in an understatement of Cost of Goods Sold and therefore an overstatement of the current period's earnings.

Name: An overstatement of opening inventory will result in an understatement of Cost of Goods Sold and therefore an overstatement of the current period's earnings.
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An overstatement of opening inventory will result in an overstatement of Cost of Goods Sold, leading to an understatement of the current period's earnings.

An Overstatement of Opening Inventory Will Result in an Understatement