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The accountant at Investotech discovered the following errors after calculating the company's profit for 20X3:
What is the effect of these errors on gross profit and net profit? A. Understatement of gross profit by $40,000 and understatement of net profit by $50,000 B. Understatement of both gross profit and net profit by $40,000 C. Understatement of gross profit by $60,000 and understatement of net profit by $50,000 D. Overstatement of both gross profit and net profit by $60,000 |