Ho Designs experienced the following events during Year $1,$ its first year of operation:

Started the business when it acquired $$67,000$ cash from the issue of common stock.

Paid $$28,000$ cash to purchase inventory.

Sold inventory costing $$17,000$ for $$33,000$ cash.

Physically counted inventory showing $$10,900$ inventory was on hand at the end of the accounting period.

Required

Determine the amount of the difference between book balance and the actual amount of inventory as determined by the physical count.

Answer rating: 100% (QA)

Answer The difference between the book balance and the actual amount of inventory physical count is ... View the full answer