During the taking of its physical inventory on December 31, 20Y3, Sellers Company incorrectly counted its inventory as $447,110 instead of the correct amount of $482,880. Indicate the effect of the misstatement on Sellers's December 31, 20Y3, balance sheet or income statement for the year ended December 31, 20Y3.
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During the taking of its physical inventory on December 31, 20Y3, Sellers Company incorrectly counte...
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