At the end of Year 1, Manny Company recorded its ending inventory at $350,000 based on a

Question:

At the end of Year 1, Manny Company recorded its at $350,000 based on a physical count.
During Year 2, the company discovered the correct inventory value at the end of Year 1 should have been $400,000 because it made a counting error. Upon discovery of this error in Year 2, what correcting journal entry will Manny Company make? Ignore income taxes.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...