Question: At the end of Year 1 Manny Company recorded its

At the end of Year 1, Manny Company recorded its ending inventory 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.

View Solution:

Sale on SolutionInn
  • CreatedDecember 09, 2013
  • Files Included
Post your question