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QUESTION
A company's manager's estimating for completion rate for ending WIP for Direct material and conversion are been overstated. (Reported by manager:
A company's manager's estimating for completion rate for ending WIP for Direct material and conversion are been overstated.
(Reported by manager: 74% completed for Direct Material, 26% completed for conversion costs, Actually: 50% done with material and 5~6% done with conversion)
Under the overstating issue,
What effect will the issue have on the company's financial statement?
what effects might the company have on the company's taxes?
