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Justin Co’s inventory valuation excludes goods held by customers on a sale or return basis. The goods have a cost to the company of $1,469 and a selling price to customers of $1,655. They have not been invoiced to customers. The effect on Justin Co’s profit of excluding this inventory is that: A. Profit is understated by $1,655. B. Profit is stated correctly. C. Profit is understated by $1,469. D. Profit is understated by $186. |