Question

Tire Pro Company’s records reported the following at the end of the fiscal year:
Beginning inventory ... $ 80,000
Ending inventory ..... 85,000
Cost of goods sold .... 295,000
A physical inventory count showed that the ending inventory was actually $78,000. If this error is not corrected, what effect would it have on the income statement for this fiscal year and the following fiscal year?



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  • CreatedSeptember 01, 2014
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