Latone Company began operations in 2014 . During the first two years of operations, Latone made undiscovered errors in taking its year-end inventories that understated 2014 ending inventory by $40,000 and overstated 2015 ending inventory by $50,000 . The combined effect of these errors on reported income is 2014 2015 2016
a. understated $40,000 overstated $50,000 not affected
b. understated $40,000 overstated $10,000 not affected
c. understated $40,000 overstated $90,000 understated $50,000
d. overstated $40,000 understated $50,000 overstated $10,000
C
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