Tuscany Timber Company incorrectly recorded inventory in 2021. Rather than recording ending inventory as $2,200, Tuscanys accounting
Question:
Tuscany Timber Company incorrectly recorded inventory in 2021. Rather than recording ending inventory as $2,200, Tuscany’s accounting manager entered $2,500. An inventory summary for 2021 and 2022 follows.
Required
a. Prepare an analysis of this error over the 2-year period, recommend any correcting entries required to correct the inventory error, and comment on the effect of the error on gross profit. Assume that Tuscany discovered the error in 2022 before closing the books.
b. What correcting entries are necessary if Tuscany discovered the error in 2023 after closing the books for 2022?
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Step by Step Answer:
a The analysis of the inventory error is summarized in the following schedule As noted in th...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 9780136946694
3rd Edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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