Golva Company sold $15,000 of inventory on December 31. This sale was recorded in the books and was also included in the ending inventory count. How will this information affect the financial statements?
A) Cost of goods sold will be overstated by $15,000
B) Gross margin will be understated by $15,000
C) Gross margin will be overstated by $15,000
D) The financial statements will not be affected
Correct Answer:
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