The income statement of X Limited for 2020 showed an incorrect profit figure because $10 000
of goods had been counted twice when closing inventory was valued. This incorrect inventory
value was carried forward as the opening inventory for 2021.
In February 2021 the directors paid a dividend equal to 40% of the profit for 2020.
What were the effects of the error in inventory valuation?
1 )
A
2 )
B
C
4 )
D
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